April 22 - Troubled Korean shipping line Pan Ocean has cancelled an order for a semi-submersible heavy lift newbuilding that was placed with STX Dalian in 2012 and was due for delivery this year.

Pan Ocean, operating as STX Pan Ocean at the time, ordered the 31,000 dwt vessel in May 2012 at a cost of USD 80 million as it sought to build a stronger position in the heavy lift shipping sector.

The company has two similar ships in its fleet.

The shipping line is undergoing a restructuring process aimed at allowing it to reduce its assets and liabilities to continue its operations.