Sweden’s Concordia Maritime halted its ambitious project to convert a product tanker into a feeder vessel because it was 12 months late tapping into the boxship boom, its chief executive has told TradeWinds.

Erik Lewenhaupt, who was appointed chief executive in November last year, said global economic uncertainty and the bulging orderbook for container ships made the technically feasible plans financially unworkable.

Armed with new technical information from the project, he said the ideas could still be employed to convert tankers into specialist ships employed in sectors such as heavylift or wind farm construction.