Asian Owner Cancels One, Delays One Bulker at Cosco

Cosco An unnamed Asian shipowner cancelled one and rescheduled another bulk carrier, both of which were previously ordered on July 22, 2014, from Chinas Cosco Dalian Shipyard. The cancelled 82,000 dwt bulk carrier was originally scheduled for delivery in the first quarter of 2016. The second 82,000 dwt bulk carrier was supposed to be delivered in the fourth quarter of 2015. The vessel is now expected to join the owners fleet in the third quarter of 2017. Dalians parent company, Cosco Corporation Singapore, said that, as of today, the shipyard has not started the construction of the vessels. The company added that the downpayment received by Cosco Dalian for the cancelled vessel will be applied towards the other vessel. Cosco posted USD 82.1 million net loss in the third quarter of 2015 due to losses in shipyard and shipping operations amidst unfavourable market conditions. The groups turnover from dry bulk shipping and other businesses decreased by 34.9% from USD 14.9 million in Q3 2014 to USD 9.7 million in Q3 2015 amid lower short-term rates.