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.
