Hanjin Heavy cancels Danaos contract

Seoul: South Korea's Hanjin Heavy Industries & Construction Holdings said on Wednesday that a ship order worth 372.8 billion won ($298.2 million) had been cancelled. The company said it had agreed to cancel an order placed in 2007. An unidentified European shipping company that ordered container ships with Hanjin was unable to come up with financing, it said in a filing with the Korea Exchange.?The cancellation would affect three container ships out of a total fo five ordered and Hanjin would retain the deposits it has received so far, it said. The cancellation is Danaos's 4,300 teu series that were to have been built at Subic Bay to go on charter to Yang Ming.  [27/05/10]