|London-listed shipowner Yujin International is preparing to cull its two newbuildings on order in China.|
Singapore-based Yujin says the 5,500-dwt ships at Wuhan Nanhua will be cancelled due to hefty delays.
It explains the significantly delayed first vessel was expected to show up in March but the yard failed to make the deadline.
“The board of Yujin has been considering the options available to it and is continuing to take advice as to its options at this juncture,” it told investors.
“Yujin has started completing the necessary formalities associated with cancelling these contracts including notifying the sellers and their guarantors of this.”