Excel Maritime axes capesizes at Korea Shipyard Co Ltd

Excel Maritime has cancelled four capesize bulker newbuildings at Korea Shipyard Co Ltd. , Seatrade Asia online reports. The New York-listed shipowner ordered four 180,000 dwt bulkers from the greenfield yard in December 2006. “With no guarantees exchanged or payments made under the contracts, and following no indication from Korea Shipyard Co. Ltd that the vessels were going to be built and delivered, Excel has successfully cancelled the shipbuilding contracts on the basis of delay by the shipyard, without any penalties,” Excel said.