South Korea’s Hanjin Shipping has confirmed it will spend KRW 923.6bn ($845.9m) to build five 13,000 teu containerships for delivery beginning first quarter 2012 through 2013.
An official from Hanjin declined to name the shipbuilder, but said the order was originally placed in 2008 by an unnamed company for the purpose of chartering the boxships to Hanjin Shipping.
“Now we will take over direct ownership of the vessels,” she said. The spokeswoman added names of the parties involved in this transaction would be revealed some time this week.
While Hanjin was unprepared to reveal any further details, a source close to the deal confirmed the five vessels were part of a series of eight plus one optional 13,100 teu containerships ordered by German KG house MPC Capital with Hyundai Heavy Industries back in 2008.
MPC, which had arranged long-term charter contracts with Hanjin for the ships, wanted to finance the equity part via KG funds. However, this plan derailed when the KG market collapsed in the aftermath of the Lehman bankruptcy.
Published : June 20, 2011
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