Yangzijiang discloses that customers began arbitration proceedings for $1.09 billion

Yangzijiang Shipbuilding announced that arbitration proceedings had been filed in London two years ago against three of its units over the orders of 10 vessels worth US$900 million for alleged breach of contract.

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The China-based shipbuilder said in a regulatory filing on Oct 12 that the customers had in 2022 terminated the contracts for the 10 vessels shortly after placing orders for them in late 2021.

These unidentified customers commenced the arbitration proceedings, alleging breach of contract by three wholly owned subsidiaries of Yangzijiang.