Grand China Logistics (GCL) may have axed orders for around 10 Capesizes and six VLCCs.
Databases appear to show that GCL has about half of the 100-plus vessels under construction at Jinhai Heavy Industries, with most of these orders being signed soon after it acquired 70% of the Chinese shipyard in 2009.
But fresh figures from GCL, a subsidiary of the HNA Group, reveal that its ambitions have been scaled back.
A company official said GCL’s “effective” orders are for 34 ships, which is made up of 13 capesize bulkers, a dozen 82,000-dwt kamsarmax vessels and nine 79,000-dwt panamaxes.
It is unclear if these figures also include GCL’s delivered fleet from Jinhai, which consists of at least three capesize bulkers.
But the overall tally of 37 is considerably smaller than the 52 vessels that were originally booked by the company when it made its grand debut in shipping some two years ago.
Its previous orderbook was understood to have been for 46 bulkers, including 25 capesize vessels, with the remaining being kamsarmaxes and panamaxes.
Another six VLCCs were on order and were understood to be heading to the fleet of GCL’s Singapore-based subsidiary Grand China Tankers (GCT).
What may have happened is that GCL has axed around 10 of its capesizes and the six VLCCs.