Shanghai: Following Golden Ocean’s cancellations of five bulkers at Jinhai Heavy Industry, Greece’s Safe Bulkers has announced that it has cancelled an 180,000dwt bulker at the same place as the shipyard failed to deliver the vessel on time.
Safe Bulkers said it exercised its termination right and asked the shipyard for the refund for the full amount of advance payment. However, Jinhai has brought the dispute to arbitration. The arbitration dispute continues. Jinhai’s struggles have led to reports of worker unrest over delayed wage payments. [22/02/13]
