Shanghai: Singapore-listed Chinese shipbuilder Jiangsu Eastern Shipbuilding (JES) has been placed onto a black list by the Supreme People’s Court of China.
According to the court’s release, JES has obligations to pay around RMB15m from five lawsuits from January to April this year and has failed to fulfil any of them. The court put JES onto the list as it believes JES has the ability to settle but has refused to perform its legal obligations.
An official from JES said he wasn’t aware of such a list and wasn’t able to give any comment, adding that the shipyard’s operation is normal at the moment. Another source close to the shipyard said the banks have stopped offering guarantee letters to JES, and it might affect some orders at the shipyard.
JES received orders for 36 bulkers including options from Ample Oceans in May worth around $1bn. [24/07/14]