Hanjin Heavy Industries & Construction (HHIC)'s operation in the Philippines saw its orderbook reduced by one-quarter as a Cardiff Marine contract worth more than $300m failed to materialise.
Industry players say the South Korean-owned shipyard has lost the contract for four VLCC newbuildings it secured from the George Economou company in March. They add that South Korean banks did not issue refund guarantees for the 320,000-dwt tankers, which were slated for 2019 delivery and, as a result, the newbuilding contract is now void.
