Court orders Yuexin Ocean Engineering to refund owner

Guangzhou Maritime Court has ruled that offshore builder Yuexin Ocean Engineering must refund and compensate UAE company Emphor in a shipbuilding contract dispute case.

Emphor ordered an AHTS vessel at Yuexin in 2014 and later filed a lawsuit against the shipyard claiming that the shipyard didn’t deliver the vessel on time according to the contract terms.

The court has ruled Yuexin to refund Emphor $2.78m of advance payment and pay another $360k as compensation.

Yuexin has not received any new orders in the past two years, and currently has 11 OSVs under construction.

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