Sainty Marine Turns to Arbitration over Order Cancellations

Shenzhen-listed shipbuilder Jiangsu Sainty Marine Corp informed that it has filed for arbitration at London Maritime Arbitration Association over cancellation of a shipbuilding contract.

The order relates to construction of three chemical tankers that have been cancelled by an undisclosed owner on August 7 who also sought to return the pre-payment and relevant interest from China Exim Bank.

According to Sainty Marine, the owner has no right to cancel the shipbuilding contract and ask for refund.

The owner behind the cancellation is believed to be Celsius Shipping which had 11 orders for 24,600dwt chemical tankers at the yard, priced at around USD 40 million each.

Namely, the company had ordered seven chemical tankers in May 2014 and additional four in March 2015, which were supposed to be jointly built by Sainty Marine and Nantong Mingde Heavy Industries.

However, Celsius Shipping is reported to had cancelled the orders in June 2015.

World Maritime News Staff


Share this article

Follow World Maritime News

In Depth>


<< Oct 2019 >>
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 3

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

The 5th CWC China LNG & Gas International Summit

Gain Access to Global LNG & Gas Decision Makers in China

Take a peek inside our 2019 Introductory Brochure and stay on top of this rapidly developing market.

See who is already working with us this year as Speakers, Sponsors and Partners – download your Preview Brochure today and meet them in Beijing on 15-16 October 2019.

As the world’s second largest LNG importer, China will remain the biggest contributor to global LNG demand growth in the foreseeable future. Network with global LNG & gas decision makers, buyers, NOCs and Government Officials at the industry’s leading international event in China.

More info

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >