Shanghai: Debt-ridden shipyard Sainty Marine has announced that it is facing the risk of not being able to deliver another two 64,000dwt bulkers to Thai shipowner Precious Shipping within the contracted time frame, which might lead to arbitration between the two companies.
Precious Shipping ordered a total of ten 64,000dwt bulkers at Sainty Marine in April 2014. It refused to take delivery of the first two vessels in May as it reckoned the vessels didn’t meet quality standards.
In the meantime, Sainty Marine said the owner of a lake bulk carrier under construction at Nantong Mingde Heavy Industry has sent a notice to the yard to cancel the order as the yard couldn’t deliver the ship on time.
Sainty Marine had earlier warned that it is facing the risk of not being able to fulfil some of the 32 newbuild contracts it has being built at Mingde Heavy Industry due to the ongoing restructuring of the yard.