Waigaoqiao Shipbuilding wins arbitration case against CLdN Bulk

CSSC-affiliated Waigaoqiao Shipbuilding has won an arbitration case against Luxembourg-based owner CLdN Bulk over a shipbuilding contract dispute.

In March 2016, CLdn Bulk, part of dry bulk giant Cobelfret, refused to take delivery of a 180,000 dwt capesize built by Waigaoqiao and requested a refund of $14m down payment as it believed the ship didn’t meet certain quality standards.

Later Waigaoqiao terminated the ship contract and sold the vessel elsewhere, and the two companies entered into an arbitration process in London in 2017.

The High Court of London has ruled in favor of Waigaoqiao Shipbuilding and rejected CLdN Bulk’s request for a refund.