Greater ChinaOffshoreShipyards
Court orders Yuexin Ocean Engineering to refund owner
Guangzhou Maritime Court has ruled that offshore builder Yuexin Ocean Engineering must refund and compensate UAE company Emphor in a shipbuilding contract dispute case.
Emphor ordered an AHTS vessel at Yuexin in 2014 and later filed a lawsuit against the shipyard claiming that the shipyard didn’t deliver the vessel on time according to the contract terms.
The court has ruled Yuexin to refund Emphor $2.78m of advance payment and pay another $360k as compensation.
Yuexin has not received any new orders in the past two years, and currently has 11 OSVs under construction.