Join our crew and become one of the 104,761 members that receive our newsletter.

Belgium’s CMB Cancels Order with South Korean Shipbuilder

Belgium’s CMB Cancels Order with South Korean Shipbuilder

Reuters
Total Views: 6
August 26, 2014

ReutersBRUSSELS, Aug 26 (Reuters) – Belgian dry bulk shipping group CMB said on Tuesday it had cancelled an order for four vessels with South Korean shipbuilder Samjin set to be delivered in 2014.

CMB, which added that the shipbuilder was not able to deliver the four handysize vessels on time, said Samjin had returned $30 million in advances, including interest.

In late 2011, CMB’s unit Bocimar signed a deal with Samjin for the delivery of six vessels, with two options for another two.

After Tuesday’s cancellation, CMB said it was monitoring the situation and did not exclude walking away from other orders with Samjin.

CMB, which on Tuesday also confirmed a first-half net loss of $2.8 million, said it would not pay an interim dividend for the period. (Reporting by Robert-Jan Bartunek; editing by Barbara Lewis)

© 2014 Thomson Reuters. All rights reserved.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 104,761 members delivered daily straight to your inbox.

Join Our Crew

Join the 104,761 members that receive our newsletter.