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Pacific Radiance enters arbitration with Waigaoqiao Shipbuilding

Singapore-listed Pacific Radiance has announced that it 50% owned joint venture company CA Offshore Investment has issued two notices of arbitration against Shanghai Waigaoqiao Shipbuilding and China Shipbuilding Trading for disputes over the construction of two platform supply vessels.

Pacific Radiance said that the notices of arbitration follows the rescission of the shipbuilding contracts for the failure of the shipyard to deliver the PSVs in accordance with their obligations under the shipbuilding contracts.

CA Offshore Investment claims the refund of the pre-delivery instalments paid to the shipyards for the PSVs, totalling $5.55m, plus interest.

The arbitrations are currently at their initial stages.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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