Major shipyard takes Russians to court after canceling billion-dollar contract

Not only has Zvezda Shipbuilding Complex canceled USD 4.2bn worth of ship orders, the Russian company is also demanding money back from the shipyard.

The management of South Korean shipbuilder Samsung Heavy Industries Co. signs a huge order for the delivery of LNG carriers to the Middle East on an earlier occasion. | Photo: Qatarenergy

by DAG HOLMSTAD

Samsung Heavy Industries Co. confirms that a Russian shipyard has suddenly canceled ship orders worth billions of dollars, and therefore the South Korean shipbuilder will take the Russians to international arbitration, according to South Korean media Yonhap News.

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