Shanghai: Sainty Marine announced yesterday that London Maritime Arbitrators Association (LMAA) has ruled to terminate six out of twelve ship leasing and sales contracts that its subsidiary Shungao Shipping had with twelve Greek single-vessel shipowners.
Shungao Shipping signed ship leasing and sales contracts with twelve Greek single-vessel shipowners for twelve 64,000dwt bulkers in June 2012. However, the Greek shipowners failed to pay according to contract payment terms. Shungao Shipping has applied with LMAA to terminate the contracts and claim for compensation in March.
Sainty Marine said LMAA hasn’t announced rulings for the rest 6 contracts yet. [26/05/14]
Sainty Marine goes for arbitration with Greek owners