Sainty Marine Loses Four More

Shenzhen-listed shipbuilder Jiangsu Sainty Marine Corp said that it has agreed with Dutch ship investment company Universal Marine on cancellation of order for construction of four 2,350 TEU boxships.

According to Sainty Marine, the quartet was ordered in March 2014, however the construction has not been started as the Dutch firm failed to secure financing for the ships due to the ongoing market downturn.

As a result the two parties agreed to cancel the contract. The cancellation will not involve any compensation claims, the company added.

The announcement comes just a day after Thailand’s Precious Shipping declined to take delivery of a 64,000 DWT bulker duo from the yard as  the dry bulk shipping company claimed that the bulkers did not meet the required standards.

The case is expected to go into arbitration.

World Maritime News Staff