AsiaGreater ChinaOffshoreShipyards

Pacific Radiance sues Chinese shipyards

Pacific Radiance is suing Shanghai Waigaoqiao Shipbuilding & Offshore and China Shipbuilding Trading (Shanghai) over the construction contracts for two platform supply vessels (PSVs).

The Singapore-listed owner today said the arbitration “follows the rescission of the shipbuilding contracts for the failure of the shipyards to deliver the PSVs in accordance with their obligations under the shipbuilding contracts”.

The company’s subsidiary Pacific Crest, which initiated the arbitration, seeks a refund of the $10.6m in pre-delivery installments paid to the shipyards, plus interest. The shipbuilding contracts were signed on May 8, 2013.

Pacific Radiance says it served the two counterparties on June 13 with notices of arbitration in Hong Kong.

The arbitrations are currently in their “initial” stages, the company said.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
Back to top button