Precious Shipping cancelled the two vessels in November and claimed the vessels didn’t meet the specified fuel consumption standards and had high temperature problems at the stern shaft. Sainty Marine said that it had offered solutions to Precious Shipping but the company still refused to take delivery of the vessels and requested a refund.
Precious Shipping ordered fourteen 64,000dwt bulkers in total at Sainty Marine. So far two vessels have been delivered, five vessels have been cancelled and another two delayed for delivery.
Sainty Marine and Precious Shipping are involved in a separate arbitration over the July cancellation of two of the ships.