Fears over the state of the dry-cargo market have led Jinhui Shipping & Transportation to axe its second newbuilding in under a week.
Oslo-listed Jinhui will lose a deposit of nearly $6.5m on the 61,000-dwt bulker it bought as a resale just before the collapse of Lehmann Bros, a statement says.
Ng Kam Wah Thomas, managing director of Jinhui, said: “The unprecedented global financial turmoil has drastically distorted the balance in the dry-bulk sector.
“The risk-return profile of completing the agreement has changed due to the imbalance between the supply and demand for dry-bulk carriers and the uncertainty over the global economic recovery, especially in terms of growth in dry seaborne trade volume.”
Jinhui paid JPY 5.35bn for the vessel as a resale from Xing Long Maritime two months prior to the onset of the global financial crisis in 2008.
It was set to hit the water in June or July of next year, according to a statement issued after the original deal was signed.
While the owner did not reveal the yard building the ship at that time, all of Jinhui’s 60,000-dwt newbuildings are on order at Oshima in Japan, Clarksons data shows.
Only last week it gunned another supramax newbuilding at the yard, walking away from a JPY 350m deposit.
After today’s decision Jinhui has forfeited around $12.5m to can newbuildings in the past few days.
Jinhui still has six supramaxes, one panamax and a single handysize newbuilding on its books, a statement says.
By Andy Pierce in London
Published: 09:07 GMT, 06 Dec 10 | updated: 09:16 GMT, 06 Dec 10
http://www.tradewinds.no/drycargo/572033/strike-two-for-jinhui?service=printArticle
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http://www.jinhuiship.com/jh/jstl/jstcl_profile_set.html
Oslo-listed Jinhui will lose a deposit of nearly $6.5m on the 61,000-dwt bulker it bought as a resale just before the collapse of Lehmann Bros, a statement says.
Ng Kam Wah Thomas, managing director of Jinhui, said: “The unprecedented global financial turmoil has drastically distorted the balance in the dry-bulk sector.
“The risk-return profile of completing the agreement has changed due to the imbalance between the supply and demand for dry-bulk carriers and the uncertainty over the global economic recovery, especially in terms of growth in dry seaborne trade volume.”
Jinhui paid JPY 5.35bn for the vessel as a resale from Xing Long Maritime two months prior to the onset of the global financial crisis in 2008.
It was set to hit the water in June or July of next year, according to a statement issued after the original deal was signed.
While the owner did not reveal the yard building the ship at that time, all of Jinhui’s 60,000-dwt newbuildings are on order at Oshima in Japan, Clarksons data shows.
Only last week it gunned another supramax newbuilding at the yard, walking away from a JPY 350m deposit.
After today’s decision Jinhui has forfeited around $12.5m to can newbuildings in the past few days.
Jinhui still has six supramaxes, one panamax and a single handysize newbuilding on its books, a statement says.
By Andy Pierce in London
Published: 09:07 GMT, 06 Dec 10 | updated: 09:16 GMT, 06 Dec 10
http://www.tradewinds.no/drycargo/572033/strike-two-for-jinhui?service=printArticle
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http://www.jinhuiship.com/jh/jstl/jstcl_profile_set.html
7/12 2010 08:10 TeamGarlic 0
36893 De må have regnet på, at det bedre kan betale sig at miste depositum end at få leveret skibene. Vil det løfte aktiekursen ?
