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JES to resell two cancelled bulk carriers

JES to resell two cancelled bulk carriers
Chinese shipbuilder JES International has lined up potential buyers seeking for two 82,000-dwt dry bulk carriers under construction but cancelled by their Greek and Indian owners.

Greek owner Dunhuang Shipping and Shipping Corporation of India (SCI) have aborted the newbuilding orders, which were entered into on 20 June 2010 and 24 September 2010, respectively.

Singapore-listed JES said it is still negotiating with the two owners to reach a settlement on the refunds of advances received by the shipyard, being the amount of RMB182m ($29.1m) in total.

“The company has also taken steps to mitigate its losses and secured potential buyers for the vessels constructed under the disputes.

JES revealed that it has spent RMB440m on the construction of the two vessels and that the total resale price would be RMB314m, leaving it with a net loss position of RMB126m if the advanced deposits were returned.

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