Frontline 2012 is tipped to cancel VLCC orders at a Chinese shipyard.
Analysts are expecting the cancellation of five VLCC orders at Jinhai Heavy Industry.
Nicolay Dyvik, an analyst at DNB Markets, says the owner was entitled to cancel its first VLCC at Jinhai in August this year.
“The scheduled delivery for the five newbuilds is from January 2012 until February 2013, with estimated cancellation dates from August 2012 until September 2013,” he said.
Dyvik said cancellation of the VLCCs, ordered at $135m each, will cut Frontline 2012’s capex by $297m.
Published : November 29, 2012
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