The move has seen the South Korea-based shipowner earned $207m, down from $246m, for the transportation of woodpulp for Brazil's Fibria Celulose. The three-year contract was formed in October 2011.
STX PO said the company “agreed with the contract parties to terminate the COA earlier than scheduled after accomplishing 84% of the total contract amounts as the rehabilitation procedure of the company is in progress.”
STX PO had ordered 20 open hatch newbuildings at STX Offshore & Shipbuilding in late 2010 to service the contract.
In June this year, STX PO entered receivership but it managed to clinch a debt-to-equity rescue deal with its creditors last month.
Last week, the shipowner returned to the newbuilding market to order two capesize bulk carriers at a total price of KRW103.7bn ($97.6m) from Hanjin Heavy Industries & Construction.
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