Newbuilding Program Trimmed

1st March 2016

As a prudent shipowner in a low bulk shipping market, we have reduced our newbuilding orderbook when we had the opportunity to do so. In those periods, where our cargo commitments exceed the capacity of the available core fleet, we will be able to cover the requirements with tonnage chartered in on a short term basis.

Over the course of the last 2 years, we were able to significantly trim our newbuilding program. Some ships were cancelled due to excessive delays, other ships were washed out in close and cordial cooperation with the shipyards and some have been sold. As can be seen from the table below, 24 newbuildings worth nearly US$ 900 million have been washed out , sold or cancelled. For the newbuildings that were washed out or cancelled, all of our instalments have been returned.

	Deadweight	Shipyard	Comment
1	208,000 tdw	Hyundai	sold with floating BB back
2	208,000 tdw	Hyundai	sold with floating BB back
3	209,000 tdw	Kouan	sold with floating BB back
4	209,000 tdw	Kouan	sold with floating TC back
5	209,000 tdw	Yangzijiang	sold with TC back
6	209,000 tdw	Yangzijiang	washed out in swap deal
7	209,000 tdw	Yangzijiang	washed out in swap deal
8	209,000 tdw	Hantong	washed out
9	209,000 tdw	Kouan	washed out
10	180,000 tdw	Beihai	sold
11	180,000 tdw	Beihai	sold
12	97,000 tdw	JEHI	cancelled due to delay
13	97,000 tdw	JEHI	cancelled due to delay
14	63,500 tdw	Sinopacific	sold
15	63,500 tdw	Qingshan	washed out
16	63,500 tdw	Qingshan	washed out
17	63,500 tdw	Qingshan	washed out
18	63,500 tdw	Qingshan	washed out
19	63,500 tdw	Qingshan	washed out
20	63,500 tdw	Qingshan	washed out
21	36,000 tdw	Samjin	cancelled due to delay
22	36,000 tdw	Samjin	cancelled due to delay
23	36,000 tdw	Samjin	cancelled due to delay
24	36,000 tdw	Samjin	cancelled due to delay