Sainty Marine wins support from LMAA in dispute with Greek owners
Shanghai: Sainty Marine has announced that London Maritime Arbitrators Association (LMAA) has ruled six Greek single-vessel shipowners to pay $30m compensation to its subsidiary Shungao Shipping in a ship leasing dispute.
Shungao Shipping signed ship leasing and sales contracts with twelve Greek single-vessel shipowners for twelve 64,000dwt bulkers in June 2012, however six of the Greek shipowners failed to pay according to the contract payment terms. The companies then signed another agreement to extend the due date for payment, but Shungao Shipping still hasn’t received any payments from the shipowners. After sending two notices of default to the shipowners, Shungao Shipping applied with LMAA to terminate the contracts and seek compensation.
In May 2014, LMAA ruled to cancel the contracts for the first six vessels.
Additionally, Sainty Marine has announced that it has filed a lawsuit against Shanxi Zhongyang Steel over a dispute. Sainty Marine paid RMB50m ($7.9M) to the later for the purchase of steel products, however the steel company only delivered a little over half of the quantity purchased.