Cash-crunched South Korean yard STX Offshore & Shipbuilding has been left in limbo after its main shareholder, Korea Development Bank (KDB), chose not to approve newbuildings and refund guarantees covering nine MR tankers worth more than $300m.
Newbuilding sources told TradeWinds that KDB’s board failed to approve separate contracts on three deals.
Two of these are for Tier II vessels — one for three tankers, and another for two vessels.
