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Stolt-Nielsen gets SLS refunds

Stolt-Nielsen gets SLS refunds

Seoul: Stolt-Nielsen has received $211.3m in refunded deposits for cancelled newbuilding from troubled SLS Shipbuilding. The refunds were progress payments made on six of eight parcel tankers order by Stolt-Nielsen from SLS in 2006 and 2007. Due to extended delays in building the vessels the South Korean yard was unable to meet the contracted delivery dates. Four newbuildings have been cancelled to date and two more are expected to be cancelled shortly. "We are pleased with the cooperation demonstrated by SLS and the Korean banks allowing for the early termination of the shipbuilding contracts, resulting in the full refund of all progress payments made," said Niels G. Stolt-Nielsen, ceo of Stolt-Nielsen. "We continue to explore alternatives to grow the fleet either through newbuilding orders or acquisitions in the second hand market, but we are in no rush to replace the orders as we believe time is working in our favour due to the present difficult market conditions." [20/09/10]

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