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S Korean shipbuilders feel pinch from Hanjin bankruptcy
CONTAINERSHIPS once chartered by bankrupt Hanjin Shipping that are now entering the market at lower prices are being blamed for global shipping lines being reluctant to place new orders with South Korean shipbuilders and also for delaying the delivery of newbuilds.
According to industry sources, Maersk Line, placed a US$1.1 billion order in July 2015 with Hyundai Heavy Industries (HHI) to build nine 14,000-TEU ships. All of the box ships were due for delivery by the end of this year. However, delivery of four or five of the ships is expected to be postponed until next year, reported The Korea Times.
AP Moller-Maersk Group CFO Jakob Stausholm said during a regulatory filing conference last month that this action is being taken as "part of the company's efforts to reduce our capital expenditures."
While delaying delivery of the ships, Maersk Line reportedly chartered six former 13,100-TEU Hanjin Shipping containerships at much lower prices.
It is more economical for shipping lines to charter containerships than place orders with shipyards because of a supply surplus in the global shipbuilding market.
According to industry sources, Maersk Line, placed a US$1.1 billion order in July 2015 with Hyundai Heavy Industries (HHI) to build nine 14,000-TEU ships. All of the box ships were due for delivery by the end of this year. However, delivery of four or five of the ships is expected to be postponed until next year, reported The Korea Times.
AP Moller-Maersk Group CFO Jakob Stausholm said during a regulatory filing conference last month that this action is being taken as "part of the company's efforts to reduce our capital expenditures."
While delaying delivery of the ships, Maersk Line reportedly chartered six former 13,100-TEU Hanjin Shipping containerships at much lower prices.
It is more economical for shipping lines to charter containerships than place orders with shipyards because of a supply surplus in the global shipbuilding market.
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