Valles Steamship has dropped its tanker newbuildings project at STX Offshore & Shipbuilding as the yard's main shareholder pulls support for new orders.
The Koo family-led shipping company was planning to commission the South Korean shipbuilder to construct a pair of 50,000-dwt MR product tankers for delivery in 2020 as part of the outfit's fleet-renewal programme.
However, it is not proceeding with the order as STX’s major shareholder, Korea Development Bank (KDB), chose not to approve the deal.
