Jinhai suffers more cancellations

After Ultrabulk cancelled two kamsarmaxes at Jinhai Heavy Industry, John Fredriksen’s Golden Ocean Group has also cancelled two of the three bulkers being built at the subsidiary shipyard of HNA Group, SinoShip News reported.

Golden Ocean Group reached an agreement with Jinhai Heavy Industry in July to delay the delivery of three bulkers to the fouth quarter of 2014, but now it has decided to ditch two of the three newbuildings.

Golden Ocean Group has announced its plan to cut down its newbuilding orderbook last month and is expected to cancel more oders.