Sainty Marine settles with Celsius Shipping over cancellation

Sainty Marine settles with Celsius Shipping over cancellation

Sainty Marine has announced that it has reached settlements with a shipowner, which is believed to be Celsius Shipping, to solve disputes over shipbuilding contracts for three chemical tankers.

Celsius Shipping cancelled contracts for three 24,000dwt tankers in August 2015, and the two companies later went into arbitration at London Maritime Arbitration Association.

Under the settlement agreement, Sainty Marine will return prepayments  and interests of $24.63m in total to Celsius Shipping and the two companies will apply to withdraw the arbitration after Celsius Shipping has received the payments.

Bankrupt Sainty Marine is currently in the middle of a restructuring process.

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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