Two capesizes due to built for Greek firm Golden Union at Hanjin Heavy Industries & Construction’s shipyard in the Philippines have been dropped, the shipbuilder citing the owner’s default on a payment installment.
Golden Union had paid $55m for each 179,800 dwt ship two years ago. The ships were due for delivery in November and December this year. Now saddled with the bulker pair, Hanjin Heavy will now need to look for a resale. With cape rates in the doldrums the yard is unlikely to get $55m per ship this year.