Asian yards mothball completed ships till market recovers

According to a London-based law agency, Asian shipyards are mothballing completed vessels while waiting for the market to recover. Mark O’Neil of law firm Reed Smith in the UK said that boxships and bulkers are being mothballed while Asian builders concede the deferral of legal deliveries to cash-strapped shipowners. “Yards are obviously not keen on publicising these types of commercial solutions,” commented Mr O’Neil in a report by Asiasis. “There is denial they take place.” Mr O’Neil said that this actually happened more often than many perceived.