CMA CGM to Cancel Newbuild Orders

23 December 2009 (Last Updated December 23rd, 2009 18:30)

French container line CMA CGM said it has sought cancellation orders for 15 newbuild vessels from 45 on order. The company is also believed to be seeking a delay on the delivery of 15 more vessels. CMA CGM said it will take delivery of the largest vessels in its order book, i

French container line CMA CGM said it has sought cancellation orders for 15 newbuild vessels from 45 on order.

The company is also believed to be seeking a delay on the delivery of 15 more vessels.

CMA CGM said it will take delivery of the largest vessels in its order book, including a series of eight 13,800 teu container carriers, of which it has already taken delivery of a first vessel.

In November the company said it was considering cancelling a series of 3,600 teu ships, which are being built at Subic Bay in the Philippines.

The shipping line has also announced that it had secured a $500m lifeline from its banks.