Jinhai Heavy Hit by Another Order Cancellation by Golden Ocean

Jinhai Heavy Industry has been faced with yet another order cancellation by John Fredriksen’s Golden Ocean Group. The cancellation relates to three out of four Panamax bulkers and forms part of the company’s plan to cut down its newbuilding orderbook, SinoShip reported.

What is more, Golden Ocean expects full repayment of its invested money into the newbuilds.

With the latest withdrawal, Golden Ocean has cancelled a total of eight vessels at Jinhai.

John Fredriksen’s Golden Ocean Group cancelled two of the three newbuilding orders at Jinhai last November.

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.

Only one panamax bulker remains under construction at the yard.

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Shipbuilding Tribune Staff, August 27, 2013