Asia/Pacific News
Yujin Set to Cancel Contract for Two 5,500 DWT Tankers
Singaporean tanker owner Yujin International Ltd (Yujin) has announced they are "preparing the necessary formalities" to terminate a ship building contract at China's Wuhan Nanhua after the shipyard failed to make delivery by an extended deadline of March 31, 2012.
London-listed Yujin, which owns and operates small range tankers in the Asia-Pacific region, announced their board of directors has taken professional advice and are now making plans to "reach a resolution on the terms of the contract cancellation."
Ship & Bunker reported in April that Yujin, who announced the contract in March 2009 for two new 5,500 DWT chemical tankers, the first of which was due for delivery in the final quarter of 2010, were considering cancelling the order.
Due to severe flooding in China in July 2010, the shipyard could not meet the original delivery date for the first half of July 2011, and delivery was postponed until the end of Q1 2012, which has now passed.
