Sainty Marine, Precious Shipping Go to Arbitration

first_imgzoom Cash-strapped Chinese shipbuilder Sainty Marine has entered into an arbitration proceedings with Precious Shipping before the arbitration court in London over the cancellation of a 64,000 dwt bulk carrier.The arbitration proceedings should decide upon whether the owner had the right to cancel the contract and whether the shipyard should return the advance payment it had received under the contract, a stock exchange filing shows.Precious Shipping cancelled the contract on March 30, Sainty Marine said, which had been hired by the shipping company to build fourteen 64,000 DWT bulkers.The two parties have been entangled in a number of disputes over the newbuilding series. In May 2015, Precious Shipping declined to take delivery of a 64,000 DWT bulker duo from the yard claiming that the vessels did not meet the fuel consumption standards set by the company. Later in September, the company cancelled  two more 64,000 DWT Ultramax bulk carrier newbuilds amid delivery delays.The financially-troubled shipyard has received an approval for restructuring by the Nanjing Intermediate People’s Court earlier this year and was given until April 17 to compose a restructuring plan.World Maritime News Stafflast_img read more

Seattle continues to feast at home downs Northwest 10772

SEATTLE — Terrell Brown scored a career-high 26 points and Morgan Means scored 23 and Seattle beat NAIA Northwest 107-72 to conclude the Elgin Baylor Classic on Wednesday night.Seattle (7-2) has won four straight after having played its last eight games at home. The Redhawks face Eastern Washington at home on Dec. 1 and Omaha on Dec. 6, but don’t stray far staying in Seattle to play at Washington on Dec. 9. The Redhawks won’t leave the state until travelling to play Portland on Dec. 17.Against Northwest, Brown and Means shot a combined 19 of 31 from the floor. Brown also posted a career-high 14 rebounds and passed out six assists. Myles Carter scored 12 points and grabbed a career-high 14 rebounds as well.Seattle led 45-35 at halftime en route to a 62-point second half.Nick Navarro led Northwest with 25 points with five 3-pointers, Alex Smith scored 12 and Hussayn Ford, 10.The Associated Press read more