A European shipowner canceled an order for three container ships because it could not finance the $300 million contract with a South Korean shipyard. The Hanjin shipbuilding company said the unidentified owner had agreed to forfeit the deposit on the vessels which were part of an order for five container ships placed in 2007.
This is the latest in a growing number of cancellations by cash-strapped ocean carriers and owners who can’t meet installment payments on orders placed at the height of the container shipping bull market.