South Korea’s Daewoo Shipbuilding & Marine Engineering said it has cancelled a $770m order for containerships after the shipowner “has failed to comply with contract terms”.
The Koje-based shipyard said an unnamed company signed up the newbuildings a year ago “but it did not carry out conditions necessary for the deal to take effect”.
In a regulatory filing, DSME said the order cancellation will not cause any financial loss to the shipyard, since it has yet to launch the construction of the ships.
