Sizeable chunk of the global VLCC orderbook removed

The global VLCC orderbook has seen a sizeable chunk removed this week. South Korea’s Hyundai Heavy Industries and sister yard Hyundai Samho Heavy Industries have cancelled 10 VLCC construction contracts worth KRW980bn ($871.6m) due to the unspecified Oceanian client’s failure to pay downpayments on time. The orders were placed in November last year, split 70:30 …

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