Zhongchang Marine has announced that the company and Minsheng Financial Leasing have together cancelled one of the two 47,500dwt bulkers they had ordered at Jiangsu Eastern Heavy Industries, a shipyard controlled by Singapore-listed JES International, who have just applied for restructuring protection.

Zhongchang Marine said that the depressed situation in the shipping market will continue and won't be improved in the short run, and the company has decided to cancel the bulker in order to minimize risk.