COSCO cancels PCTCs

COSCO International Ship Trading Co., Ltd. has agreed with COSCO (Zhoushan) Shipyard on the cancellation of their contracts for two 5,000-unit pure car and truck carriers (PCTCs).

The PCTCs are the third and fourth of the four newbuildings the Chinese shipowner ordered from COSCO (Zhoushan) in 2007 for delivery between 2009 and 2010 at a cost of $52.5 million each. COSCO International Ship Trading has agreed to pay the shipbuilder a total of $10.3 million in compensation and will continue work on the first two vessels to have them completed after December 2009 as planned.