Citic Financial Leasing (Citic FL) is said to have cancelled a contract for five bulker newbuildings worth $157.5m that it signed two months ago at Dalian Shipbuilding Industry Co (DSIC) .
One shipping source said rate falls in the dry bulk market and the “disappearance” of the bank’s global shipping head, Guo Fangmeng (Bill Guo), were the two factors behind the termination.
