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Jinhui cancels a second bulker

Hong Kong: Jinhui Shipping and Transportation has cancelled a second bulker newbuilding in less than a week. Jinhui said it had cancelled an agreement made in July 2008 with Xing Long Maritime to purchase a 61,000 dwt supramax newbuilding for Yen5.35bn. "The unprecedented global financial turmoil has drastically distorted the balance in the dry bulk sector. The risk-return profile of completing the Agreement has changed due to the imbalance between the supply and demand for dry bulk carriers and the uncertainty over the global economic recovery especially in terms of the growth in dry seaborne trade volume," the company said. Jinhu has forfeited a Yen535m installment payment as a result of the cancellation. [07/12/10]

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