Huangpu Wenchong wins court ruling to freeze KC Maritime assets

Huangpu Wenchong wins court ruling to freeze KC Maritime assets

A Hong Kong court has approved CSSC-affiliated yard Huangpu Wenchong Shipbuilding’s application to freeze the assets of Dry Bulk Services, formerly KC Maritime, in a shipbuilding contract dispute.

KC Maritime ordered four ultramax bulkers at Huangpu Wenchong in 2013 and refused to take delivery of the first two vessels in July as it claimed the ships had design problems.

Huangpu Wenchong disputed the claims of a design issue and the two companies went into arbitration. The shipyard also terminated the contracts for the other two ships as KC Maritime didn’t make full payment.

In September, Splash reported that Danish company Celsius Shipping acquired the two ships abandoned by KC Maritime for $17.5m each.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

Related Posts