AsiaDry Cargo

Precious Shipping and Sainty Marine settle newbuild contract dispute

Thai bulk carrier owner Precious Shipping has entered into a settlement agreement with Jiangsu Guoxin Investment Group, the parent of bankrupt shipyard Sainty Marine, on a newbuild contract dispute regarding the construction of eleven 64,000 dwt bulk carriers.

Sainty Marine went bankrupt in 2016 due to a major financial crisis and it went into arbitration with Precious Shipping for the 11 unfinished vessels at the yard.

According to Jiangsu Guoxin, the company has agreed to return $40.5m of advance payment made by Precious Shipping via a bank refund guarantee before July 31, to settle all disputes under the contracts.

Sainty Marine completed a restructuring in 2017 and quit the shipbuilding business.

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.
Back to top button