Jinhui Shipping terminates newbuild contract

Hong Kong: Hong Kong-based Jinhui Shipping announced that its wholly-owned subsidiary Jinqing Marine has reached an agreement with Mitsubishi Corporation to terminate a shipbuilding contract for a 58,100dwt bulker. Mitsubishi has refunded an amount of $24m to Jinqing Marine on March 17.

Jinhui Shipping believes that the financial position and operations of the group will not be adversely affected by the termination of the contract. [18/03/14]

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