Shanghai: The troubles continue to mount at China’s largest private yard, Rongsheng, with George Economou’s DryShips saying in its latest quarterly earnings report that construction of four ice-class panamax bulkers at Rongsheng is so far behind schedule that they may be cancelled. The ships, die for delivery next year, are “severely delayed”, the Greek firm said.
A DryShips official said, “We are paying close attention to the current situation. We might call for a refund guarantee in order to get a refund for our initial payment.” The company said it was “very probable” that it would not take delivery of the quartet. [07/11/13]