Danaos has cancelled three shipbuild orders worth $300m with South Korean shipbuilder Hanjin Heavy Industries.

The Greek ship owner said the cancellation is part of the company’s capex funding plan and an agreement has been reached with Yang Ming Line, the charterer of the vessels.

The 6,500teu vessels, costing $33m each, were expected to be delivered in the first half of 2012.

The cancelled ships are believed to be the YM Modernity, the YM Motherhood and the YM Majesty, according to tradewinds.no.

Danaos said it is building another six large containerships with Hanjin.