Shanghai: Following Frontline 2012’s decision to cancel its VLCC orders at Jinhai Heavy Industry, another John Fredriksen company, Golden Ocean, also cancelled three out of four panamax bulkers it ordered at the shipyard.
Golden Ocean said it has cancelled eight vessels in total at Jinhai and it has only one panamax bulker under construction at the yard. The company expects full repayment for the installments paid as well as accrued interest. Currently the matter has been referred to arbitration. [27/08/13]
