Sainty Marine, an international ship trade and shipbuilding company based in Jiangsu, China, won $30 million in compensation in an arbitration case handled by London Maritime Arbitrators Association (LMAA) recently.
Sainty Marine will receive the money covering counsel fees, warranty costs and interest rate loss after the verdict of the LMAA in favor of Sainty Marine’s cancellation of a 6-bulker chartering contract with Greek shipping solutions provider National Energy Transportation (NET).
Sainty Marine is still in dispute with NET over the chartering contract for another six 64,000 dwt bulk carriers, a stock filing of the company stated.
Smooth Shipping Ltd, a subsidiary of Sainty Marine charted out six 64,000-dwt ships to NET at $28.5m per ship in April 2012 and another six in May 2013 at $26m each.
Last March Sainty Marine canceled the contract and claimed damages as NET had allegedly not made any downpayment for the first six bulkers and later NET instigated arbitration proceedings.
The verdict is a landmark success in the history of Chinese companies brought into maritime disputes arbitration handled by LMAA.
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