Mitsubishi and Jinqing Marine Agree on Refund

Mitsubishi Corporation will refund $24 million to Jinhui Shipping, a subsidiary of Jinqing Marine Inc., following the shipper’s decision to terminate the shipbuilding contract for a new supramax bulk carrier.

The two companies signed, on 14 December 2007, a $44.3 million contract for the acquisition of a supramax bulker. Jinqing announced on September 19th 2013 that the acquisition of the vessel will be terminated.

Finally, Jinqing and Mitsubishi mutually and amicably agreed to rescind the contract on March 17th 2014. Under the agreement, Mitsubishi will refund Jinqing the amount of $24 million.

Jinqing currently owns thirty six vessels, including two modern Post-Panamaxes, two modern Panamaxes, thirty modern grabs-fitted Supramaxes, one Handymax and one Handysize.

 

WMN Staff, March 17, 2014

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >