GOGL Wins Four More Appeals against Jinhaiwan

The High Court in London, UK has ordered repayment of installments and interest on the last four contracts cancelled by Golden Ocean Group Limited (GOGL) at China’s shipbuilding ƒ Zhoushan Jinhaiwan.

Golden Ocean said that it has received USD 72 million in refund of installments and interest from Jinhaiwan in January and February 2015.

The dry bulk shipping company added that it has been awarded installments and interest on all nine contracts through this process.

“Demand has been sent on remaining two contracts and the company has USD 40 million outstanding from the proceedings,” GOGL said on Friday.

Golden Ocean started canceling its order for nine Kamsarmax bulkers at Jinhaiwan in 2012. The yard challenged the decision, but subsequently lost the claim as an arbitration proceeding ruled in favor of the shipping company.

Golden Ocean decided to exercise its option for vessel cancellations as Jinhaiwan failed to meet the agreed delivery schedules.

GOGL reported loss of USD 135.1 million for the fourth quarter of 2014 and loss of USD 135.6 million for 2014.

World Maritime News Staff