Shanghai: Jiangsu Sainty Marine announced that it has reached settlement with Fuyi Shipping on a shipbuilding contract dispute.
The two companies were in dispute on vessel delivery terms of an 82,000 dwt bulker and went into arbitration in 2012.
Sainty Marine said it has signed a settlement agreement with Fuyi Shipping. Under the agreement Fuyi Shipping will take delivery of the vessel at the agreed time and finish the rest of the payment on the contract while Sainty Marine will guarantee the delivery of the vessel.
Currently Sainty Marine still has two unsolved arbitration cases with Sasa Shipping and Adriana Shipping on another two 82,000 dwt bulkers. [06/01/14]