South Korea: D'Amico and Glencore joint venture Glenda has won a legal battle over three product tanker newbuildings cancelled at SLS Shipbuilding. The London arbitrators found that three 51,000 dwt product tankers ordered by Glenda at SLS had been effectively cancelled entitling the shipowner to $82.6m in refunds on payments already made on the vessels.
The joint venture shipowner cancelled the product tankers being built at the South Korean shipbuilder due to excessive delays in delivery. A further arbitration over the cancellation of a fourth 51,000 dwt tanker being built at SLS Shipbuilding is still pending. [04/02/10]
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