HMM Bins Order for Bulker Duo

zoom South Korean shipping company Hyundai Merchant Marine (HMM) has decided to cancel order for two dry bulk carriers placed in 2013. The ships were ordered based on a long-term charter agreement with a third party, HMM disclosed in a Korea Stock Exchange filing. HMM added that the reason behind the cancellation was the failure of the vessels charterer to secure contracts. The  206,000 dwt bulkers, priced at USD 52.6 million each, were supposed to be built by Bohai Shipbuilding Heavy Industry. The duo was slated for delivery in 2017. HMM, which has a fleet of 13 bulkers, is reported to be in talks with Taiwanese securities house Yuanta on the sale of the shipping company’s bulk shipping division. The contract is estimated to be worth up to 350 billion Korean won (USD 315 million). World Maritime News Staff