Oslo: Oslo listed bulk carrier owner Golden Ocean has cancelled three more bulker orders at Jinhai Heavy Industry Co. (Jinhai) and is discussing expansion through the acquisition of secondhand tonnage and distressed assets.

In its year end 2012 results the company repeated the two previously reported November cancellations at Jinhai and added three more to the list, Golden Excalibur and Golden Express were cancelled in December 2012 followed by Golden Nantong in January 2013. Golden Ocean states it exercised its right to cancellation but the Chinese yard has taken the matter to arbitration. The cancellations leave the company's order book at four ice class panamax vessels, also at Jinhai.

Looking to the future, the owner's strategy is one of expansion; secondhand acquisitions of modern vessels and newbuilds are being considered, including distressed corporate deals. The earnings release goes on to say that "the company is presently discussing some possible acquisition opportunities."