AWARD ON THE DISPUTE OVER TERMINATION OF SHIPBUILDING CONTRACT FOR HULL NO. CIS57300/B-01

[2021] 1 CMCLR 42 (CMAC)

CHINA MARITIME ARBITRATION COMMISSION(SHANGHAI)

Shipbuilding contract – Claimant requested to suspend construction and postpone delivery of the ship – The third respondent should postpone payment of the ship – Whether the shipbuilding contract was subject to the contract for work or the contract for sales – Contract subjects, rights and obligations under the contract for financial leasing – Whether financial crisis could constitute “changes of objective circumstances” – Whether the shipbuilding contract had been terminated – Article 268 of the Contract Law of the People's Republic of China (the Contract Law).