Precious cancels two more ultramaxes

Precious cancels two more ultramaxes

Thailand’s Precious Shipping has cancelled another pair of ultramax dry bulkers at under pressure Chinese yard Sainty Marine. Precious Shipping said it was seeking $11.16m per vessel in advance payments paid to Sainty Marine, and interest on that sum. In February last year Precious ordered ten 64,000 dwt ships at the financially struggling Chinese yard, but has since then nixed most of the orders citing sloppy quality and delivery delays.

Interviewed by Maritime CEO recently, Precious Shipping’s managing director Khalid Hashim laid into the yard, saying: “They have also not been able to construct ships in accordance with the agreed specifications in the ship building contracts.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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