Precious Shipping cancelled new building contracts due to performance dissatisfaction

Precious Shipping cancelled 3 ultramax newbuildings in Chinese Shipyard called Taizhou Sanfu Ship Engineering. Previously, Precious Shipping ordered to Taizhou Sanfu Ship Engineering 10 dry bulk carriers which costing $27.5m each. Precious Shipping was dissatisfied with the performance of the 63K DWT ultramax bulk carriers which were not deliver the promised fuel savings. Chinese shipyard will give $2m discount on delivered ultramax bulk carriers and cancelled 3 ultramax new building orders. Precious Shipping asking $4m per dry bulk carrier in damages for breach of contract which is arbitrated in London.