Sainty Marine Loses Four More
zoom 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 quarter 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 announcement comes just a day after Precious Shipping declined to take delivery of a 64,000 DWT bulker duo from the yard as Thailand’s dry bulk shipping said that the bulkers did not meet requested standards. The case is expected to go into arbitration. World Maritime News Staff
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