Sealink International settles dispute with Boustead Penang Shipyard

Sealink International settles dispute with Boustead Penang Shipyard

Sealink International has announced that it has entered into a settlement agreement with Boustead Penang Shipyard (BPS) over a shipbuilding contract dispute.

Sealink entered into arbitration against BPS in December 2012 over a shipbuilding contract for two 7,000dwt oil tankers signed in 2008.

Sealink later claimed a refund of $4.93m from BPS due to breaches of contract.

Under the settlement agreement, BPS proposed and Sealink accepted a settlement sum of $1.5m as full and final settlement of all claims. The payment will be made within 14 days from the execution of the agreement.

Sealink said the would be positive for the company and improve cash flow.

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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