Pacific Radiance jv wins arbitration case against Waigaoqiao Shipbuilding

Pacific Radiance jv wins arbitration case against Waigaoqiao Shipbuilding

Singapore-based offshore vessel operator Pacific Radiance has announced that its joint venture CA Offshore Investment has won an arbitration case against Shanghai Waigaoqiao Shipbuilding & Offshore, a subsidiary yard of CSSC, regarding shipbuilding contracts for two platform supply vessels.

CA Offshore filed the arbitration at the Hong Kong International Arbitration Center (HKIAC) in 2016 for Waigaoqiao’s failure to deliver the two vessels, H1350 and H1351, claiming a refund of $5.55m in total.

HKIAC has made an award in favour of CA Offshore for the refund of the pre-delivery instalment amounting to $2.77m together with relevant interest for the shipbuilding contract of the H1350 vessel, while the proceedings for H1351 are still ongoing.

 

 

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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