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Over 50% of Cosco Shipyard Group orderbook delayed

Over 50% of Cosco Shipyard Group orderbook delayed

Singapore: Another bulker newbuilding order has been cancelled at Cosco Shipyard Group, and further four deliveries delayed, meaning over half its outstanding orderbook is now delayed.
An undisclosed European owner has cancelled a 80,000 dwt bulker newbuilding at Cosco Dalian. According Singapore-listed Cosco Corp construction on the vessel had not yet started, and the yard would receive compensation from the owner.
It brings the told number of vessels cancelled at CSG yards to 16, comprising 14 bulkers and two car carriers.

In addition two undisclosed Asian owners have delayed the delivery of four 57,000 dwt supramax bulkers at Cosco Zhoushan and Cosco Guangdong.  The last of the vessels will now be delivered in April 2012.
The latest delay means that 52 newbuilidings, or more than half of CSG's outstanding orderbook of 93 vessels has been delayed.  [11/03/10]

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