Hanjin Heavy Cancels Two Bulkers

Korean shipbuilding company Hanjin Heavy Industries & Construction Holdings (HHIC) has terminated a contract for two bulk carriers ordered by a Marshall Islands-registered shipping company.

The Capesize duo was ordered in 2013 and was slated for delivery in November and December of 2015 respectively.

Hanjin said that the reason for termination is the ship owner’s failure do carry out the interim payment. According to the shipbuilder’s stock exchange filing, the default in payment is seen as a breach of the contract on the part of the shipowner under Article 11 and has lead to the contract termination.

The contract is worth USD 109.5 million, around USD 55 million per respective ship. The order corresponds to the one made by Greek owner Golden Union Shipping placed in 2013.

World Maritime News Staff

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Shipping2030 Asia

This year Shipping2030 Asia will take place with Global Liner Shipping conference, offering attendees unique access to networking with the container shipping industry…

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >