Ten VLCC newbuildings ordered at Hyundai Heavy Industries and Hyundai Samho Heavy Industries in deals worth KRW 986bn ($878m) have been cancelled.
The world’s largest shipbuilder said the deal had been culled after the unnamed client failed to make a payment for the contract signed in November.
HHI was due to build seven of the 10 tankers in deals worth KRW 690bn, while its sister yard was due to construct the remaining three in a contract worth KRW 296bn.
