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Precious Shipping cancels two newbuilds at embattled Sainty Marine

Bangkok-based dry bulk shipowner Precious Shipping has cancelled two newbuildings ordered at embattled Chinese yard Sainty Marine.

Marcus Hand, Editor

September 14, 2015

1 Min Read
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Precious Shipping said it had cancelled the contracts for two 64,000 dwt newbuildings it ordered on 24 February 2014 from the Chinese yard.

The company said the vessels had not been delivered in compliance with the contracts and it had exercised its right to cancel them due to “excessive delivery delay”.

Precious Shipping said it was seeking $11.16m per vessel in advance payments paid to Sainty Marine, and interest on that sum.

In July Sainty Marine’s chairman Wang Shuhua resigned after less than a year in the top job at the struggling shipbuilder.

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About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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