Cosco delays more newbuilding deliveries

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Marcus Hand, Singapore - Friday 23 January 2009

COSCO Shipyard Group has rescheduled seven more newbuilding deliveries at the request of a shipowner.
Singapore-listed Cosco Corp, majority shareholder in CSG, said that the yard group had agreed with an unnamed European owned to postpone the delivery of four out of seven 57,000 dwt bulkers it has on order and three remaining 80,000 dwt bulkers. 
The vessels were ordered in August and September from Cosco Guangdong and Cosco Dalian yards. 
The deliveries have been pushed by back a range of three to 13 months, with the last delivery in October 2011 instead of December 2010. 
“The agreement on the rescheduling of vessels’ deliveries has been acceded to upon the request of and after negotiations with the ship owner,” Cosco said, it gave no further details. 
The delivery postponements are the latest in a series to CSG in its orderbook of slightly over 100 newbuildings largely comprising bulk carriers. 
Earlier this month GE Shipping cancelled two supramax bulkers on order from the Chinese yard group and delayed the delivery of the remaining pair that it had contracted. 
In December 2008, another owner cancelled two supramax bulker newbuildings with the shipyard group and delayed the delivery of three more.