Greece's Kyklades Maritime has cancelled five aframaxes it had on order at Sungdong Shipbuilding in Korea after the yard filed for court rehabilitation.

The company told TradeWinds the shipbuilding contracts were terminated following the restructuring move.

The five 115,000-dwt tankers were due this year and in 2019, according to Clarksons data.

A refund guarantee from the Export and Import Bank of Korea (Korea Eximbank) for the ships was secured last July.