Jinhai Heavy Industry is facing more contract cancellations. Namely, John Fredriksen’s Golden Ocean Group has cancelled two of the three newbuilding orders that were supposed to be built at subsidiary shipyard of HNA Group.
Primarily, the newbuilding contracts were signed in 2010 with expected delivery in 2012. Later on, Golden Ocean Group announced the amendment to shipbuilding contracts where both parties agreed on late delivery of the two Kamsarmax vessels Golden Excellence and Golden Explorer, and the Capesize vessel Golden Nantong. The delivery was then shifted to 2014.
It is clear that with this cancellation Golden Ocean Group is starting with the announced plan to cut down its newbuilding orderbook, after reported loss of $17.1 million in the third quarter of 2012.
[mappress]
Press Release, November 23, 2012