OOCL suffers no penalty fee in containership delivery delays

HONG KONG's Orient Overseas Container Line (OOCL) has escaped penalty fees after putting off the delivery of six 8,600-TEU ships ordered from Shanghai's China's Hudong-Zhonghua shipyard.

Ordered in late 2007 for US$720 million, the ships were to be delivered next year and the year after, but have since been delayed 18 months.

"There is no penalty or payment for the delay," said OOCL spokeswoman Lynne Mulholland. "The amendment of the contract represents an agreement to amend with both parties recognising the impact of current economic conditions on the outlook for container shipping."

(Source: www.schednet.com)