Croatian owner cancels bulk carrier orders

Croatia?s Atlantska Plovidba, the bulk and heavy lift shipping company, has altered several contracts to lower company expenditure during the economic downturn. The Zagreb-listed owner has cancelled two of four Panamax orders for 80,300 dwt vessels from China?s Jiangsu Eastern though two more ships from the contract remain on schedule for delivery in 2012. Advance payments of 30% had already been made and will now be considered as deposits against the next two bulkers. Analysts in Croatia have said that the moves were positive due to poor bulker markets.

Atlantska Plovidba also has a contract for two 50,400DWT product tankers with STX in Korea. These vessels are slated for delivery in October and November 2011.