Maritime Opportunities Buys Two, Cancels Two Bulkers

Norwegian investment company Maritime Opportunities (MO) has bought two supramax bulk carriers from German Banks for USD 45 million, while cancelling contracts for two 36,000 dwt bulker newbuildings at Samjin Shipping Industries (SSI), China.

The two 57,000 dwt bulkers Emerald Strait and Endeavour Strait, previously owned by Carsten Rehder, were delivered from Sanfu Shipbuilding.

Significant delays are stated as the reason behind cancelling the 36,000 dwt newbuildings, originally ordered by Ultrabulk of Denmark for a total sum of USD 40m, which last year sold a 50% stake to MO at cost price.

This is not the first cancellation at the troubled shipyard, with Belgium’s Bocimar recently binning the order for four handy-size bulkers at SSI.

Local court declared Weihai Samjin Shipyard  bankrupt, and the local government is engaged in a restructuring plan to salvage the shipyard.