Samsung cancels major order from European shipowner

According to Asiasis, Samsung Heavy Industries has cancelled a contract with a European shipowner on the delivery of four LNG-FPSOs to a value of approximately USD 2.4 billion. The giant order makes up 19.4 percent of the yearly turnover of Samsung Heavy Industries.

Photo: Ole Lind

Samsung Heavy Industries has torn up its contract with a European shipowner and is thereby losing an order on four LNG-FPSOs to a value of USD 2.4 billion. The client was not in a position to secure the necessary financing, Asiasis reports.

The value of the cancelled contracts corresponds to 19.4 percent of last year’s turnover in Samsung Heavy Industries. The contract was signed on 10 March 2008 but is now no longer in existence.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Ørsted wants Maersk as customer in green methanol project

Energy company Ørsted has just bought 45 percent of Swedish Flagship One, which is set to produce green methanol for the shipping industry as of 2024. Ørsted's head of hydrogen wants Maersk as customer in the large scale project, he tells ShippingWatch.

Singapore names its biggest bunker suppliers

TFG Marine, a bunker company founded by two John Fredriksen-controlled carriers and commodity trader Trafigura, is among the five biggest bunker suppliers in Singapore in 2021. See the list here.

Record number of ships passed through Suez in 2021

Despite the blockage in the Suez Canal during spring of last year, the crucial waterway set a record for the number of ships passing through in 2021, reports Bloomberg. The canal is expected to complete an expansion by the middle of next year.

Related articles

Latest news

See all jobs