Industry sources say the company is seeking for an alternative yard to build the four 49,000-dwt IMO II/III-type newbuildings it contracted with troubled STX Offshore & Shipbuilding.

“Navig8 and STX have come to an agreement that the contract for the MR tankers, to be delivered in 2017, will be terminated,” said one shipbuilding source. “The owner is now approaching other shipbuilders to have the vessels built.”

Officials