Greater ChinaShipyards
Sainty Marine goes into arbitration with Precious over another cancellation
Sainty Marine has announced that it has gone into arbitration with Thai owner Precious Shipping over the cancellation of one more 64,000 dwt bulker.
On March 30, Precious cancelled the contract for another one out of the 14 64,000 dwt bulker it had on order at the yard, following on from a series of cancellations in 2015.
Sainty Marine and Precious Shipping headed to arbitration over two of the cancelled vessel sat the end of November 2015.
Nanjing Intermediate People’s Court ruled to restructure Sainty Marine in February, and it has been commissioned by the receiver of Sainty Marine to auction the shipyard’s entire assets on April 16 through online platform Taobao.com.