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.
