French shipping line CMA CGM could be forced to cancel contracts for 15 box ships as part of its restructuring effort.

The containerships, with a carrying capacity of 3,600teu, are to be built at Hanjin Subic, expected for delivery in 2010.

According to local reports, CMA CGM is also negotiating with South Korean shipbuilders to delay the deliveries of larger ships.

Currently the shipping line is holding an order book of 40 ships to be built at five shipyards.

CMA CGM has failed in securing financing for these vessels.