GE Shipping cancels newbuild contracts

The Mumbai-based Great Eastern Shipping Corporation (GE Shipping) announced that it has cancelled orders for the construction of two Supramax bulk carriers. The 57,000 dwt vessels had been on order with an unnamed Chinese shipyard. GE Shipping 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 bulk carriers.