Sainty Marine has announced that it has cancelled shipbuilding contracts for two 84,000dwt bulkers after negotiations with a Greek owner, which has agreed to pay $5.1m compensation to the yard.
Sainty Marine also plans to sign a dispute settlement agreement with a Dutch owner, which is believed to be Universal Marine, for the payment of four vessels. Under the agreement, the yard has agreed to lower the unpaid amount in the shipbuilding contracts from EUR2.8m (3m) to EUR2.24m ($2.4m).
In the meantime, Sainty Marine has announced that a court in Nantong has rejected the company’s complaint against the liquidation plans of bankrupt Mingde Heavy Industry.
The creditors of Mingde Heavy Industry passed a plan to liquidate the yard’s assets in October. Sainty Marine, as the largest creditor of Mingde, disapproved the plan on September 25 however it was still passed with a 52.84% approval rate from all the creditors.
Sainty Marine was thrown out of the restructuring of Mingde in July due to its own financial difficulties.