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Yujin International newbuilding options lapse

Yujin International newbuilding options lapse

Singapore: Small tanker owner and operator Yujin International has cancelled options for two newbuildings. Yujin will take delivery of two new tankers in the first half of 2011, but allowed options for two more newbuildings to lapse. "The option to build two more tankers was allowed to lapse as Yujin believes that with the current situation of over supply versus demand, other opportunities will avail themselves," the company said. Yujin operates two small tankers regionally and the newbuildings will more than double its tonnage in the segement from 9,997 dwt to 20,997 dwt. The company also operates four bunker tankers in the port of Singapore. For the year ended 31 December 2009 Yujin reported a $305,544 loss compared to a $3.23m profit in the previous year. [07/06/10]

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