Danish shipping company Odense Steel Shipyard (Lindø) is to stop shipbuilding activities over the next three years.

The company will stop producing vessels once seven contracted Ro-Ro ships, five bulk carriers and three frigates are delivered by 2012, Lindø said.

Lindø said increasing competition, lack of commercially viable orders and increasing annual deficits have led to its decision.

The shipping company has also decided to put up its Lithuanian shipyard in Baltija up for sale.