Hyundai Mipo terminates car carrier newbuilding contract

South Korean shipbuilder Hyundai Mipo Dockyard has announced the termination of a newbuilding contract for the construction of four pure car truck carriers (PCTC).

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The four 7,500 ceu vessels were ordered by an unnamed Marshall Islands-based owner back in 2015 for a total of $155m, and the owner later signed an agreement with the yard in 2016 to push back the delivery from 2018 to 2020.

Hyundai Mipo said the reason behind the termination was that the owner was unable to secure charters for the vessels.

VesselsValue data shows that currently there are no car carrier orders at all Hyundai yards at the moment.

The car carrier market is currently undergoing a serious crisis at the moment with as many as one in three car carriers projected to be idled or laid-up this year.

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