Monday, April 9, 2012

Rongsheng cape BC resale



China Rongsheng Heavy Industries may face the cancellation of an order for a $70-80 million capesize vessel amid a global shipping slump and tight credit conditions, an industry source said.

Offers were invited on a 176,000-dwt capesize resale this week, which is controlled by Rongsheng Heavy Industries in China after the contract was cancelled with the original owners, said a recent report of Clarkson Research Services Ltd.

Delivery of the capesize was delayed but the contract had not been cancelled yet, the source with direct knowledge of the issue told Reuters.

"A downpayment of more than 50 percent was paid by the European owner, so even if the order is cancelled, Rongsheng will still make a profit by a resale," he said.

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