Chinese seeking buyer for cancelled ships

Ethiopian Shipping Lines (ESL) is in talks with a Chinese shipyard to buy cancelled newbuildings. The national carrier has been wooed by an unnamed Chinese yard looking to find a home for cancelled ships.

It is offering nine vessels to ESL, with payments to be made over 10 to 15 years, local media reported. The company currently operates nine ships, consisting of seven multipurpose, a general cargo ship and a ro-ro. ESL CEO Ambachew Abraha said: "It is too early to comment. We will make it public when we finalize the negotiation."
Other sources were cited as saying directors had given the green light to go ahead with the contracts for undisclosed prices.
 

Source: The Motor Ship