Singapore’s Cosco Corporaton has been hit by newbuild order cancellations, it has been revealed.

COSCO International Ship Trading has also terminated two car carriers.

The cancelled 5,000-vehicle pure car carriers (PCC), due for delivery in March and June next year, were to be built at Cosco’s Zhoushan yard.

The vessels, each costing $52m and ordered in mid-2007, were part of a four-PCC deal.

Construction of the first two 56,000gt vessels is at an advanced stage with delivery due this year.

An unnamed European ship owner has also delayed the delivery of five bulkers.