Vietnam car carriers cancelled

Hoegh Autoliners of Norway has cancelled orders for two car carriers ordered from Vietnam shipbuilder Vinashin

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The pair are part of a deal for four ships of 7,000 car equivalent units (ceu) placed by Hoegh in 2006 at Vinashin with delivery between 2009 and 2011

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They were priced at slightly under $65m each

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Hoegh director Olav Sollie says the company will take delivery of the remaining two

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“The ships are built to our design and we are keen to continue developing relations with the yard,” he said

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It is said that Hoegh is not paying Vinashin compensation for the cancellations

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Earlier this year, Hoegh called off orders for two ships of 4,900 ceu at Xiamen Shipyard in China

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It is now left with 10 newbuildings including four at Xiamen, two at Vinashin and two at Daewoo Shipbuilding & Marine Engineering

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“We are comfortable with our newbuilding program,” said Sollie

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Hoegh has laid up 10 ships due to the poor car-carrier market but Sollie says there have been some positive developments in the market recently and it appears to have bottomed out

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