Hanjin Heavy cancels Golden Union cape pair

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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