<\/p>\n
South Korean shipbuilder Hyundai Mipo Dockyard has terminated a contract for four pure car truck carriers (PCTC) worth $155 million (KRW 171.8 billion).<\/p>\n
The contract for the 7,500-ceu car carriers with an unnamed Marshall Islands-based company had been signed in 2015.<\/p>\n
In 2016, the shipowner inked a deal with Hyundai to change the delivery dates for the newbuilds from 2018 to 2020. A year after, the contract was changed from four PCTC units to two vehicle carriers and two PC ships.<\/p>\n
Hyundai Mipo said that the reason behind the contract termination was that the owner could not secure charters for the vessels.<\/p>\n
The car carrier market has been hit hard by the pandemic amid a major drop in automotive consumer demand putting a considerable portion of the global fleet out of work.<\/p>\n
Multiple estimates have shown that one in three car carrier vessels have become idled over the past few months as a result of the pandemic’s impact on the demand.<\/p>\n
HMD’s orders year to date stands at $4.35 billion, down by 7.4% year-on-year, according to the data from the Business Korea.<\/p>\n
The post Hyundai Mipo reveals contract termination for PCTC quartet<\/a> appeared first on Offshore Energy<\/a>.<\/p>\n world maritime news<\/p>\n","protected":false},"excerpt":{"rendered":" South Korean shipbuilder Hyundai Mipo Dockyard has terminated a contract for four pure car truck carriers (PCTC) worth $155 million (KRW 171.8 billion). The contract for the 7,500-ceu car carriers with an unnamed Marshall Islands-based company had been signed in 2015. In 2016, the shipowner inked a deal with Hyundai to change the delivery dates …<\/p>\n","protected":false},"author":1,"featured_media":21684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[2237,168,2563,2401,1946,4078,8525],"class_list":["post-21683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-contract","tag-hyundai","tag-mipo","tag-pctc","tag-quartet","tag-reveals","tag-termination"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/21683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=21683"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/21683\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/21684"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=21683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=21683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=21683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}