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>

<< Jun 2017 >>
MTWTFSS
29 30 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 1 2

DSM17

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

read more >

TOC Europe

TOC (The Terminal Operations Conference) has long been considered best in class by container terminal operators and their suppliers…

read more >

Marine Philippines 2017

The 4th edition of PHILIPPINES MARINE 2017, SHIPBUILD PHILIPPINES 2017 and OFFSHORE PHILIPPINES 2017 is the only specialized Shipbuilding…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference.

With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and technology solution providers. Get in-depth and detailed market insights from experts who are taking the decisions, assess peer strategies and give shape to your own in this unrivalled gathering of shipping and marine fuel industry leaders.

Key Highlights for 2017:

* 3 Co-located Conferences

* 12+ Hours of Networking Time

* In-depth Review of Shipping Markets by Segment

* Ship Owner Positions on Emissions Compliance Scenarios

* Pricing Differentials and Availability across Different Fuels

* Technology and Analytics in Fuel Management and Emissions MRV

More info

read more >