Zhoushan Jinhaiwan Shipyard Co Ltd News

Due to continuous delays in the construction and delivery of two Kamsarmax bulkers, Ultrabulk cancels. The bulkships were originally to be built at Zhoushan Jinhaiwan Shipyard Co. Ltd., China, but the yard failed to finish the construction within agreed contractual delivery terms. The contracts were originally entered into and announced in 2010 (Company announcement # 25/2010) for long term charter of both vessels up to 12 years of duration. Ultrabulk further announces having entered into an agreement to secure a new ECO-designed Supramax bulker of 61…

Knightsbridge Tankers Limited reports net income of $8.9 million and earnings per share of $0.48 for the third quarter of 2010. The average daily time charter equivalents ("TCEs") earned by the Company's VLCCs excluding bareboat charters and Capesize vessels were $30,800 and $40,700, respectively, compared with $49,800 and $45,500 in the preceding quarter. VLCC revenues and TCEs decreased mainly due to weaker results from the Mayfair, which operated in the spot market and the absence of profit share from the Hampstead and Kensington in the third quarter. Although Capesize revenues increased due to the delivery of Golden Future in July, average  Capesize TCEs decreased due to the lower rate earned by the Golden Future compared with the other two vessels.

Frontline Ltd. (Frontline) has entered into a contract with Zhoushan Jinhaiwan Shipyard Co.,Ltd. in for delivery of four 320,000 dwt VLCC newbuildings. The vessels will be delivered from June 2011 until December 2011. Frontline has also secured options for further two similar VLCC newbuildings at a fixed price. The ordering of the tonnage has been done as a function of a positive market outlook, attractive contract price and payment terms, and is supported by the wish to continuously renew the fleet. Frontline's affiliated company Golden Ocean Group Limited has very good experience with the quality and deliverability of Jinhaiwan shipyard.