Greater ChinaShipyards

Sainty Marine goes into arbitration with Celsius Shipping

Financially troubled shipyard Sainty Marine has announced that it has gone into arbitration with a shipowner, which is believed to be Celsius Shipping, at London Maritime Arbitration Association on the shipbuilding contracts for three 24,000dwt chemical tankers.

Sainty Marine said that the shipowner has notified the shipyard to cancel the three ships and applied with China Exim Bank to return the pre-payment and relevant interest.

The shipyard believes that the shipowner has no right to cancel the orders and ask for refund.

The three ships are among many orders cancelled by shipowners following the bankruptcy of Mingde Heavy Industry.

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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