Precious Shipping cancels another two bulkers at Sainty Marine

Precious Shipping cancels another two bulkers at Sainty Marine

Sainty Marine has announced today that it has received a notice from Thai owner Precious Shipping for the cancellation of two 64,000 dwt bulkers, also requesting to return a prepayment of $23.36m.

Precious Shipping ordered fourteen 64,000 dwt bulkers in total at Sainty Marine. So far two vessels have been delivered, five vessels have been cancelled and another two delayed for delivery.

Sainty Marine also entered arbitration with Precious Shipping over the cancellation of two bulkers in July.

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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