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.

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WMN Staff, March 17, 2014