Danaos cancels three newbuildings
27 May 2010
Danaos in Greece has entered into an agreement with Hanjin Heavy Industries to cancel three 6,500 TEU newbuilding containerships, initially expected to be delivered in the first half of 2012 and worth $298.2 million.
The agreement has been reached with the consent of Yang Ming Line who was the charterer of these vessels. Danaos is building another six large containerships with Hanjin Heavy Industries all of which are fully funded by already committed loan facilities from various commercial banks. The cancellation forms part of an overall plan to address the total capex funding needs.
