China's Jinhai Heavy Industry saw its newbuilding capesize bulker currently under construction cancelled off by excessive delivery delays.
Safe Bulkers announced on February 20, it "exercised its termination right under an agreement for the construction, sale and delivery by a shipyard."

The shipowner was looking to cancel the newbuilding contract in November last year, however, Jinhai made a notice of arbitration last month.

However, Safe Bulkers finally made a decision not to take delivery of the 180,000-dwt newbuilding.

It said, "The shipyard alleges that our termination constitutes a breach of the agreement and argues that we are not entitled to a refund of any of the $31.8 million in advances paid, or interest." Safe Bulkers said the dispute rest in its favor.

Meanwhile, the owner bought a capesize newbuilding from an unnamed Japanese shipbuilder as cover for the delayed Chinese newbuilding last November.