Jiangsu Guoxin has finally settled its disputes with Precious Shipping over 11 ultramax bulkers after years of arbitration proceedings.
The Shenzhen-listed company said Precious will receive $40.5m by the end of this month for all disputes related to those ships, including refunds, associated interests and alleged quality issues.
Legal fees will be split equally among the parties, the shipbuilder formerly known as Sainty Marine said.
