Bulker order cancelled at Namura

Japan’s Hokodate Shipyard, part of the Namura Shipbuilding group of companies, has been hit by the cancellation of an order for five handysize bulk carriers but the shipbuilder is confident it will sell them on at a higher price. Osaka-listed Namura says the collapse of the order will boost its profit in the second quarter.

No details were given of the owner behind the order which involves a series of five 32,000-dwt bulk carriers. As part of the deal, Hakodate will pocket the deposit amounting to JPY 2.389bn ($24.6m). Namura says Hakodate will continue to build the ships as planned and market them for resale. As a result of the termination, Namura is raising its profit forecast for the second quarter of this fiscal year, ending September 2009.