An unnamed Asian ship owner has cancelled a panamax bulker contract with Cosco Dalian Shipyard in China.
Cosco received compensation for the axed bulker as part of the cancellation agreement.
The 79,500dwt bulker was already under construction at the Chinese shipyard.
According to reports, the bulker was ordered by Hong Kong’s Vanship Holdings, a joint venture between Shinyo International’s Fred Cheng and the late Captain Charles Vanderperre of Univan Shipmanagement, in 2008.
Delivery of the bulker was scheduled for March 2012.