Hyundai Heavy Industries Cancels Ten VLCC Construction Contracts

Hyundai Heavy Industries Co and Hyundai Samho Heavy Industries have terminated ten VLCC construction contracts after an undisclosed Oceanian client failed to make payment of construction fees within the deadline. The total value of the terminated contracts is approximately KRW980bn ($874m), reported Business Korea.

In November 2020, the company secured a contract from the Oceania-based shipping firm for construction of seven VLCCs. Another contract to build three VLCCs of nearly $263m was also signed by the same client and the company. Hyundai Heavy Industries Holdings said: “The client did not pay the contractual shipbuilding fee within the deadline so we notified the client of the termination of the contracts”…

View entirety: Ship Technology