AWARD ON THE DISPUTE OVER TERMINATION OF SHIPBUILDING CONTRACT FOR BULK CARRIERS OF 80,100 DEAD WEIGHT TONNAGE (DWT)

[2021] 1 CMCLR 50 (CMAC)

CHINA MARITIME ARBITRATION COMMISSION(SHANGHAI)

Shipbuilding contract – Serious tardiness – Whether it lost capacity to fulfil the contract – Whether it embezzled capital – Whether pledge could be established against steel plate, material and equipment – Unstable counterargument – Whether the contract could be terminated – Date for delivering the vessel did not come yet – Claimant was not entitled to cancel the contract – Contract Law of the People's Republic of China.