Asia/Pacific News
Yujin Considers Cancelling Newbuilds
Yujin International Ltd (Yujin) is considering cancelling a contract with a Chinese shipyard to build two new chemical tankers of 5,500 DWT each following the missed delivery date of 31 March 2012.
The owner and charterer of a fleet of small range tankers operating in the Asia Pacific region, announced the contract in March 2009 with the first tanker expected to be delivered in the fourth quarter of 2010.
Yujin's 2010 Annual Report indicated that the severe flooding in China in 2010 pushed the delivery date to early 2012.
But the London traded company said the shipyard was unable to make delivery by the March 2012 deadline.
“The board of Yujin has been considering the options available to it and is continuing to take advice as to its options at this juncture. Yujin has started completing the necessary formalities associated with cancelling these contracts including notifying the sellers and their guarantors of this,” the company said.
