Dubai shipowner Tomini Shipping has torn up a contract for a delayed kamsarmax bulker on order at Taizhou Kouan Shipbuilding in China.
But the company could still end up taking on a third ship in the series of 82,000-dwt vessels.
Tomini was said earlier this year to have cancelled the contract for the first ship, the Tomini Nobility, but then renegotiated a new price and took delivery of the vessel this month.
Asked what its plans are for the next two ships, a company spokeswoman told TradeWinds: "We have already cancelled one of the ships and we are in discussions about delivery date for the other one."
UK shipbroker Clarksons lists that bulker duo as due in 2021.
The vessels were two of nine still on the books at the Jiangsu yard, according to the broker.
These include two 81,200-dwt bulkers due for delivery to W Marine in December and two handysize bulkers on order for Schulte Group. Clarksons lists the first of the Schulte vessels as due in December and the second ship in 2021.
Taizhou Kouan did not respond to a request for comment by TradeWinds' presstime.
Ultramax acquired
As well as the newbuilding, Tomini added the 60,220-dwt ultramax Tomini Integrity (built 2016) through a secondhand deal in September.
The bulker is the former Bulk Aries, previously owned by Asa Capital Singapore.
VesselsValue said the ship had changed hands for $19.7m, against the valuation platform's price assessment of $18.76m.
Clarksons had previously listed the bulker as idle.
"These additions to the fleet are testament to our confidence in the long-term prospects for the dry bulk market; we are committed to growing a diverse fleet to meet global transportation needs," said chief executive Nitin Mehta last week.
The secondhand deal brought Tomini's fleet to 16 ships, including newbuildings.
Cash-strapped Kouan?
In June, TradeWinds reported that cash-strapped Taizhou Kouan had failed to deliver the Tomini Nobility on time and was having to renegotiate its price.
The shipbuilder had completed a sea trial, but was hit by the Covid-19 pandemic which caused cash-flow problems that stalled production.
The trio of ships was ordered in 2017 for a reported price of $24m each.
Shipbuilding players said earlier this year there has been little activity at Taizhou Kouan in recent months.
They added that the privately owned yard had run into acute cash-flow problems last summer due to weak demand for newbuildings and poor down-payment terms on the projects that it secured a few years ago.
The plant, formerly Taizhou Catic Shipbuilding, was previously co-owned with AVIC International Maritime. But in 2015, AVIC sold the 45% stake it held in Taizhou Catic to Taizhou Kouan, leaving the latter as the major shareholder
