Following the failure by Chennai-based Goodearth Maritime Limited to pay installments on time, Hindustan Shipyard Limited has started negotiations with the Indian Navy to offload a partially completed bulker.
The Diamond 53,000 dwt designed ship is 70% complete, and would need four months more work to complete it. The yard, which is facing tricky financial times, is keen to float out the ship as soon as possible so it can get other projects underway at its drydock.
The shipyard, which gets most of its work from ship repairs, is owned by the Ministry of Defence.
