The claims are for 10 shipbuilding contracts valued at US$900 million and entered into between the group’s subsidiaries and the unnamed entities. Four of the vessels were purchased on Nov 5, 2021, while six vessels were purchased on Dec 30, 2021. The contracts were terminated by the claimants on March 24, 2022, and May 16, 2022, respectively.
Yangzijiang Shipbuilding says its wholly-owned subsidiaries, Jiangsu Tianchen Marine Import & Export Co., Ltd., Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd. and Jiangsu New Yangzi Shipbuilding Co., Ltd., have a “reasonably good prospect of success” in the arbitrations levelled against them.
According to Yangzijiang Shipbuilding’s Oct 12 announcement, arbitration proceedings were commenced at an arbitration tribunal in London by certain unnamed entities on June 10, 2022, and on Sept 26, 2022, against three of the group’s wholly-owned subsidiaries.
