Sainty Marine wins arbitration

Sainty Marine wins arbitration

Sainty Marine has announced that it has received rulings from Hong Kong International Arbitration Center (HKIAC) regarding two shipbuilding contract disputes.

Sainty Marine signed with Sasa Shipping and Adriana Shipping in 2010 for the construction of two 82,000dwt bulk carriers. However, the two companies refused to take delivery of the vessels in 2012 as they felt the vessels hadn’t met the delivery terms, and applied for arbitration in 2013.

HKIAC ruled that Sasa Shipping and Adriana Shipping have breached the shipbuilding contracts. Sainty Marine only has to return $8.6m out of $19.08m prepayment to Adriana Shipping, while Sasa Shipping has to pay $1.37m to Sainty Marine in addition to $9.54m already prepaid to the shipyard.

Sainty Marine is also entitled not to deliver the vessels to the two companies.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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1 Comment

  1. Avatar
    gideon lao
    November 7, 2015 at 5:02 am

    hi there, do you have court case details for this legal case?

    Sainty Marine wins arbitration over sasa shipping and adrianna shipping