Samsung Heavy Industries' shipyard in Geoje, South Gyeongsang Province (Photo: Samsung Heavy Industries)
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Samsung terminates VLEC newbuilding contracts
![Samsung Heavy Industries' shipyard in Geoje, South Gyeongsang Province (Photo: Samsung Heavy Industries)](http://media.assettype.com/bairdmaritime%2Fimport%2Fwp-content%2Fuploads%2F200306-1-Samsung.jpg?w=640&auto=format%2Ccompress)
Samsung Heavy Industries' shipyard in Geoje, South Gyeongsang Province (Photo: Samsung Heavy Industries)
Samsung Heavy Industries (SHI) has terminated three newbuilding contracts that it had earlier signed with US-based Delos Shipping.
The decision to terminate the contracts for three 93,000-cubic-metre very large ethane carriers (VLECs) was made in light of the owner's inability to pay the builder according to the stated terms.
SHI is presently in talks with a new client over the possible re-sale of the three vessels.