Shenzhen-listed Sainty Marine has lost all orders for 14 stainless steel chemical tankers placed by Celsius Shipping, which were planned to be built at its partnership yard Nantong Mingde Heavy Industry (NMHI).
The 14 orders were cancelled in June 2015, with three of the newbuilds under construction and the remainder waiting to be constructed at NMHI, according to IHS Maritime Sea-web.com.
However, neither Sainty Marine nor NMHI had disclosed the cancellation as of 3 August.
Sainty Marine won the new orders from Celsius Shipping in May 2014 and March 2015 respectively.
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From early 2013 to end of 2014, Sainty Marine and NMHI have teamed up to win CNY5.7 billion (USD919.3 million) of new orders for a total of 32 vessels including wood chip carriers, platform supply vessels (PSVs), stainless chemical tankers, bulk carriers, and barges.
Among the 32 vessels, two PSVs and a bulk carrier had already been abandoned by owners, with another two Ultramaxes cancelled by Sainty Marine itself. Four wood chip carriers had been delivered to Singapore-based Nova Shipping & Logistics. Two barges and two Handysize bulkers had also been delivered, according to prior stock filings of Sainty Marine.