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Mothballing tactics widespread

Mothballing tactics widespread
Asian shipyards are quietly ?mothballing? completed containerships and bulk carriers, and agreeing with their cash-strapped owners to defer legal delivery and remaining payments.

Asian shipyards are quietly ?mothballing? completed containerships and bulk carriers, and agreeing with their cash-strapped owners to defer legal delivery and remaining payments.

Asian shipyards are quietly ?mothballing? completed containerships and bulk carriers, and agreeing with their cash-strapped owners to defer legal delivery and remaining payments.

The practice is more widespread then many realise, according to Mark O"Neil, partner at London lawfirm, Reed Smith.

?Yards are obviously not keen on publicising these types of commercial solutions and there is a denial they take place,? he said.

Owners are accepting vessels from a specification point of view but not taking legal delivery, he said.

But yards then keep the ship, and allow outstanding payments to be made later, in the hope shipping markets will improve.

www.TurkishMaritime.com.tr

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