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Tanker newbuilding cancelled

Tanker newbuilding cancelled
D?amico Shipping and Glencore have cancelled a second product tanker newbuilding at SLS Shipbuilding.

D"amico Shipping and Glencore have cancelled a second product tanker newbuilding at SLS Shipbuilding.

D"amico Shipping and Glencore have cancelled a second product tanker newbuilding at SLS Shipbuilding.

The d"Amico and Glencore joint venture Glenda International Shipping has cancelled a 51,000 dwt product tanker being built at SLS Shipbuilding due to ?excessive? delays in delivery of the vessel. The tanker was due to be handed over in November 2008.

The joint venture is demanding the repayment of all installments made to date on hull S511, amounting to $29.2m, including interest.

On August 7 Glenda started arbitration proceedings in London ascertain its rights under cancellation.

The joint venture cancelled an earlier product tanker in June, also citing excessive delays.

The South Korean shipyard refused to repay $27.5m in instalment payments, leading to arbitration proceedings.

Glenda has also commenced arbitration proceedings over its cancellation rights on the two remaining product tankers it ordered from the South Korean shipbuilder.

www.TurkishMaritime.com.tr

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