Precious Shipping Snubs Bulker Delivery from Sainty Marine

Struggling shipbuilder Jiangsu Sainty Marine Corp said that Precious Shipping has declined to take delivery of a 64,000 DWT bulker duo from the yard.

Namely, Thailand’s dry bulk shipping company said that the bulkers did not meet the fuel consumption standards set by the company.

Shenzhen-listed Sainty Marine disclosed in a stock exchange filing that Precious Shipping declined to accept the ships even after the shipbuilder proposed to rectify the problems. The bulker duo was ordered in 2014 and the ships were slated for delivery on 17th and 24th of April, 2015 respectively.

The announcement could lead the two parties into an arbitration procedure.

With regard to its acquisition of the Nantong Mingde Heavy Industry, Sainty Marine further added that the shipbuilder is experiencing difficulties with respect to the delivery of 32 newbuilding units due to the latter’s ongoing restructuring process.

Reporting on the status of the construction of the newbuilds, the company said that two deliveries were overdue, eight units were delivered whereas two had to be cancelled.

The shipbuilder has been struggling with financial hurdles over the recent period which saw freezing of its assets by banks in addition to defaulting on its bank loans.

World Maritime News Staff

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