Box ship deal ditched by Daewoo

Romania?s struggling shipbuilding industry is under the spotlight after South Korea?s Daewoo Shipbuilding and Marine Engineering cancelled a large containership order. The $620 million contract for eight 4,250 TEU ships was placed earlier this year by German owner NSB Niederelbe with Daewoo Mangalia Heavy Industries in Romania. DSME stated that the order had been axed because the ship owner had missed payment installments implying that the customer had been unable to raise the necessary finance.