Shanghai: Sainty Marine announced that its shipping subsidiary Shungao Shipping has applied for arbitration at London Maritime Arbitrators Association (LMAA) on payment disputes with twelve Greek shipowners.
Shungao Shipping signed ship leasing and sales contracts with twelve Greek single-vessel shipowners for twelve 64,000dwt bulkers in June 2012. However, the Greek shipowners failed to pay according to contract payment terms. The two companies then signed another agreement to extend the latest date for payment to November 25 in 2013, but Shungao Shipping still hasn’t received any payment from the shipowners.
After sending two notices of default to the shipowners, Shungao Shipping has applied with LMAA to terminate the contracts and claim for compensation. [17/03/14]