Hyundai Heavy announces tanker cancellations.
South Korea"s Hyundai Heavy Industries announced a European client has cancelled an order for five oil tankers worth Won480.2bn ($425m).
Citing a regulatory filing, Bloomberg said the five suezmax tankers were part of an order of nine that was placed in June 2008. The company said the undisclosed client would pay compensation and expenses.
The only nine ship order at Hyundai Heavy Industries is one placed by Quest Maritime, the Greek owner set up with the help of Stamatis Molaris, on May 12, 2008 for 158,000 dwt vessels that were due for delivery between February 2011 and January 2012.