Financial health of greenfield yards in Korea questioned

Seoul: The chief executive of Excel Maritime Carriers has called into question the financial health of a new shipbuilder, Korea Shipyard Co. Excel bought out Quintana Maritime and in the process took over an orderbook that included four 180,000 dwt capesizes at the greenfield site. Excel ce Stamatis Molaris says these ships are likely to be delayed by at least a year or worse still never delivered. The yard has not secured any refund guarantees.
Stamatis said in a conference call following his firm's quarterly results, "There must be a possibility that it may not be in the position to deliver the ships at all... There is a potential risk factor."  [21/5/08]