The global VLCC orderbook has seen a sizeable chunk removed this week, reports Splash247.
The cancellationSouth Korea’s Hyundai Heavy Industries and sister yard Hyundai Samho Heavy Industries have cancelled 10 VLCC construction contracts worth KRW980bn ($871.6m) due to the unspecified Oceanian client’s failure to pay downpayments on time. The orders were placed in November last year, split 70:30 in Hyundai Heavy’s favour.
Removing 10 VLCCs from the global orderbook is significant. Prior to...
https://mfame.guru/hyundai-heavy-industries-cancels-872-6m-vlcc-construction-contract/