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Hanjin cancels CMA CGM boxship

Hanjin cancels CMA CGM boxship
SOUTH Korean shipbuilder Hanjin Heavy Industries and Construction has cancelled the third in a series of four boxship newbuilding contracts placed by French carrier CMA CGM in 2006 after the liner company failed to make the final payment.

Hanjin Heavy cancels another CMA CGM boxship.

SOUTH Korean shipbuilder Hanjin Heavy Industries and Construction has cancelled the third in a series of four boxship newbuilding contracts placed by French carrier CMA CGM in 2006 after the liner company failed to make the final payment.

The move was confirmed by Hanjin Heavy in a statement to the Korea stock exchange in Seoul today. Hanjin Heavy said the vessel was worth Won116.1bn ($101.6m).

Insiders said Hanjin Heavy was in negotiations to sell the 6,500 teu vessel to another owner ?for a good price? although no details had yet been confirmed.

The latest cancellation came nearly a month after Hanjin Heavy cancelled the contract for the second in the series, the CMA CGM Kessel, again after CMA CGM failed to make the final payment.

Hanjin Heavy later sold the ship for around $41m to interests linked to Greek shipowner George Economou and the ship, renamed Miramarin, was chartered last week to Mediterranean Shipping Co for 12 months at $12,250 a day.

Insiders said CMA CGM would take delivery of the last ship in the four-ship series after agreeing to make the final payment of around $40m for the vessel. The French liner company also took delivery of the first ship in the series, the CMA CGM Corneille last year.

One Seoul-based analyst told Lloyd"s List said that while the latest contract cancellation was ?not immediately positive? for Hanjin Heavy, the shipbuilder ?should be able to sell it as they did the last cancellation?.

Hanjin Heavy will ?also receive the final payment estimated at $40m from CMA CGM? for the final vessel in the series.

The analyst added: ?So in the end, Hanjin Heavy"s hardball tactics are working out well as it is receiving all the cash it is due.?

www.turkishmaritime.com.tr

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