More troubles for Sainty Marine

2013-03-01

More troubles for Sainty Marine

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Shanghai: Jiangsu shipbuilder Sainty Marine’s troubles continue. Recently accused of information disclosure violations and insider trading, the company has now got into contract disputes with two more shipowners.

Sainty Marine announced that it has gone into arbitration with Sasa Shipping and Adriana Shipping over shipbuilding contracts for two 82,000dwt bulkers. Sainty Marine claimed that it has finished the construction of the vessels and Bureau Veritas has provided relevant certificates, however, Sasa Shipping and Adriana Shipping both reckoned that the vessels haven’t met the delivery terms and refused to take delivery of the vessels.

Sainty Marine has asked the two companies to take delivery of the vessels and complete the rest of the payment and interests

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