Two More Newbuilds Cancelled at Sainty Marine

  • Business & Finance

Owner and operator of dry bulk carriers Precious Shipping has cancelled two more 64,000 DWT Ultramax bulk carrier newbuilds at the troubled Chinese shipbuilder Sainty Marine.

The order was placed in February 2014 comprising a total of ten dry bulk carriers and was followed by an order for two more in March at Taizhou Sanfu Ship Engineering Co., Ltd. (Sanfu).

Construction price for the bulkers was estimated to be around USD 27.9 million per ship, putting the overall price tag of the deal at USD 333.8 million.

Most of the newbuildings were slated for delivery in 2015 with the last one to be handed over in late March 2016.

According to Precious Shipping, the cancellation was triggered by extensive delivery delays. As a result, the Thailand-based shipping company is seeking USD 11.16 million per vessel in advance payments plus interest.

Back in May, Precious Shipping declined to take delivery of a 64,000 DWT bulker duo from the yard. Namely, the dry bulk shipping company said that the bulkers did not meet the fuel consumption standards set by the company.

World Maritime News Staff


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