Taiwanese shipping company Wisdom Marine Lines has decided to cancel the two tanker newbuilds ordered from Japan’s shipbuilder Japan Marine United Corporation (JMU).
The two 115,000 DWT crude oil tankers were ordered in June, 2016 and were valued at USD 50 million per vessel.
As a result, the company’s intention of venturing into the tanker market has been shelved.
The company said the decision was made due to the “change in operation and market condition” as the tanker industry has been faced with strong headwinds over the recent period resulting in low freight rates.
As disclosed, the decision would not have any financial effect on the company’s business.
Separately, the company announced that its 81,600 DWT newbuilding vessel MV Sakizaya Power joined Wisdom’s fleet. The Panamax eco-ship was built by Tsuneishi Shipbuilding.
The company has 120 active ships, predominantly bulkers, in its fleet and 15 newbuildings.
World Maritime News Staff