Sainty Marine and Precious Shipping head to arbitration over cancellations

By Finance

Sainty Marine has announced that it has gone into arbitration with Thai owner Precious Shipping over the cancelling of two 64,000dwt bulkers from the shipyard by Precious.

Image: saintymarine

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.

Source: splash247.com