South Korea’s Hanjin Shipping has confirmed it will spend $845.9m to build five 13,100 teu containerships for delivery beginning first quarter 2012 through 2013, Seatrade Asia reported.
It is understood the order was originally placed in 2008 by German KG house MPC Capital with Hyundai Heavy Industries for charter to Hanjin.
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.
It is understood the order was originally placed in 2008 by German KG house MPC Capital with Hyundai Heavy Industries for charter to Hanjin.
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.