Samsung terminates VLEC newbuilding contracts

Samsung Heavy Industries’ Geoje shipyard Image: (file) Samsung Heavy Industries’ Geoje shipyard

Samsung Heavy Industries (SHI) has terminated three newbuilding contracts that it had earlier signed with US-based Delos Shipping.

The decision to terminate the contracts for three 93,000-cubic-metre very large ethane carriers (VLECs) was made in light of the owner’s inability to pay the builder according to the stated terms.

SHI is presently in talks with a new client over the possible re-sale of the three vessels.

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