South Korean shipbuilder Samsung Heavy Industries is to pay up KRW 378.1bn ($290m) in compensation to compatriot shipowner SK Shipping for two LNG carriers it built over five years ago that were fitted with the Korea Gas Corp-designed KC-1 cargo containment system.

Future of five-year-old LNG ship duo hangs in balance as legal rows roll on
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“We have decided to compensate the shipowner for $290m in damages for the decrease in value of the two LNG carriers delivered,” SHI said on Monday.