Samsung Reports on Contract Cancellation, New LoI

Samsung Heavy IndustriesIllustration; Image Courtesy: Screenshot from Wikimedia/Towel 401 under public domain license

South Korean shipbuilder Samsung Heavy Industries informed that it has cancelled a contract for the construction of three special-purpose ships.

The contract, worth KRW 415.7 billion (USD 366.1 million), was secured back in July 2018 with an undisclosed North American shipowner.

Samsung said that the reason behind the termination was the shipowner’s inability to meet the shipbuilding price payment deadline.

However, the company has signed a Letter of Intent (LoI) with a new client interested in taking over the cancelled ships, hence, SHI expects the impact from contract cancellation to be limited. The new deal is yet to be finalized.

Earlier this week, Samsung won its first order this year for the construction of two liquefied natural gas (LNG) carriers.

The contract is worth KRW 419.9 billion (around USD 376 million) and has been secured with Denmark’s Celsius Tankers.

The two 180,000 cbm vessels are scheduled for delivery in 2021.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >