SE Shipping Takes Sainty Marine to Arbitration

Troubled Chinese shipbuilder Jiangsu Sainty Marine Corporation has agreed with Singapore-based SE Shipping Lines Pte. Ltd. to appoint an arbitrator over a shipbuilding contract dispute.

Sainty Marine was hired in December 2013 by SE Shipping to build a multi-purpose 31,200 dwt vessel, which was to be bareboat chartered to Shungao Shipping, a wholly-owned subsidiary of Sainty Marine, for eight years.

After the deposit was paid, the company launched the construction of the ship, the shipbuilder said in a statement.

However, SE Shipping requested to cancel the order as the vessel delivery had been delayed. In addition, the company claims that Sainty Marine was not able to ensure a refund guarantee.

Sainty Marine said that the arbitration proceedings are likely to impact the company’s profit, but that it was still too early to estimate to what extent.

The shipyard has been hit with several cancellations over the recent period, including that from Thailand’s Precious Shipping which declined to take delivery of a 64,000 DWT bulker duo from the yard as it claimed that the bulkers did not meet the required standards.

This case is expected to go into arbitration as well.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 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

Global Sustainable Shipping Forum 2019

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

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >