Shenzhen-listed Sainty Marine has cancelled an additional Ultramax newbuilding ordered by Precious Shipping over a delay in second-phase payment by the shipowner.
The contract of the newbuild bearing yard number SAM14023B under construction at Sainty Shipbuilding (Yangzhou) has been scrapped, a stock filing of Sainty Marine said on 17 September.
Sainty Marine says that it will retain the first-phase payment by Precious Shipping for the newbuild costs, it added.
Sainty Marine is troubled by a series of newbuild non-deliveries to Precious Shipping.
Among the 14 Ultramax newbuilds ordered by Precious Shipping, only two have been delivered.
In May, Precious Shipping refused to accept delivery of two other vessels of the same class from Sainty Marine. The two vessels were cancelled by both parties afterwards.
The company added that four other Ultramaxes could not be delivered to Precious Shipping as scheduled. The four newbuilds were originally scheduled for delivery on 31 May and 31 August.
This post was sourced from IHS Maritime 360: View the original article here.
