Mermaid Maritime and China Merchants Industry (CMI) have mutually agreed to scrap a newbuilding contract worth $124.8m.
The Singapore-listed company said it has already paid $20.4m under the deal, which was signed nearly two years ago.
CMI and Mermaid had already agreed to delay the delivery of the vessel to 30 June 2017, but in light of the challenging market they decided to terminate the contract indefinitely.
As
