AsiaDry Cargo

HMM cancels newcastlemax pair

Seoul: Amid the protracted dry bulk downturn South Korea’s Hyundai Merchant Marine has decided to cancel an order for two newcastlemaxes at China’s Bohai Shipbuilding.

The ships had been ordered with the aim of securing long-term contracts alongside them from Korean steel mill Posco, something that never materialised, the line said in a filing to the Korea Exchange.

HMM had ordered the 206,000 dwt ships at a price of $53.3m each for delivery in 2017.

HMM is in the midst of trying to sell its dry bulk division. Taiwan trading house Yuanda Securities has been linked with taking over the assets.

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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