Sponsored By

Yujin gets $6m refund from Chinese yard

Asia-based small tanker owner Yujin International has managed to claim back about $6m of advanced payment made earlier for a pair of chemical tankers being built at a Chinese shipyard.

Lee Hong Liang, Asia Correspondent

June 19, 2013

1 Min Read
Kalyakan - stock.adobe.com

Yuijn revealed that it has reached a settlement with the shipbuilder that all advance payments made by the owner to the yard will be refunded, including interest.

“The yard shall be discharged from all claims arising from the shipbuilding contract upon their full payment. Funds have been received totalling approximately $6m,” London-listed Yuijn said.

Yujin cancelled its order for the 5,500 dwt chemical tankers last year with the yard due to delays.

In late April, Yujin aborted plans to delist from the London Stock Exchange after it was approached by an unnamed investor.

The delisting plan was broached as Yuijn had felt its share price was undervalued due to a lack of liquidity in trading.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

Get the latest maritime news, analysis and more delivered to your inbox
Join 12,000+ members of the maritime community

You May Also Like