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Stolt Tankers cancels newbuilding at South Korean yard

Seoul: Stolt Tankers, a subsidiary of Stolt-Nielsen, has cancelled a contract with SLS Shipbuilding of South Korea for the construction of a parcel tanker, citing extended delivery delays, writes news site Tanker operator. The cancelled contract was for a 44,000 dwt coated parcel tanker, which was the second in a series of four ships.

On 30th March, Stolt Tankers had entered into arbitration with SLS Shipbuilding disputing the builder's claim for 'force majeure' to justify delays on the hull. The ship was originally scheduled for delivery in September 2008.

All progress payments to date were covered by bank refund guarantees.

This move follows the cancellation of a hull for the first ship in the series from SLS Shipyard on 18th March. The yard had also disputed this cancellation and the parties entered into arbitration on 26th March.  [30/06/09]

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