GE Shipping cancels two Supramax newbuild contracts

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Mumbai: Great Eastern Shipping Corporation (GE Shipping) today announced that it has cancelled orders for the construction of two Supramax bulk carriers. The vessels, slated to have been about 57,000dwt each in capacity, had been on order with an unnamed Chinese shipyard.
The Mumbai-headquartered company has attributed the cancellations to the current “highly uncertain business environment.”
Despite these cancellations, the company is expected to take delivery of 10 newbuilds over the next three years as part of its fleet renewal programme. GE Shipping’s current fleet stands at 41 vessels, comprising  32 tankers and nine drybulk carriers with an average age of 9.7  years.   [08/01/09]