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MISC slashes chemical tanker orders

MISC slashes chemical tanker orders

Kuala Lumpur: Under new top management Malaysia's largest shipping company MISC Berhad said Monday it is cutting a new chemical tanker order placed with SLS Shipbuilding of South Korea by half to four vessels.

"Following amicable negotiations, MISC Berhad and SLS Shipbuilding Co. Ltd. have mutually agreed to revise the order from eight vessels to four vessels," MISC said in a statement to the stock exchange.

It didn't disclose reasons for the move, except to say that "this mutual agreement was reached to the benefit of both parties."

In July 2007, MISC announced that it had placed orders for eight chemical oil tankers of 45,000 dwt each at a total value of about $430 million.

According to its previous announcement, MISC was supposed to take delivery of the first three tankers in 2009 and the rest in 2010. [20/01/08]