China’s New Times Shipbuilding has axed a newbuilding contract that involved eight firm methanol-fuelled MR tankers worth about $464m.
The Jiangsu-based shipyard is said to have terminated the agreement struck during the first half of this year with French shipping company Eurogreen Maritime. The outfit is said to be led by Norwegian ship financier Rolf Wikborg.
Shipbuilding sources familiar with the terminated deal said the buyer failed to carry out its legal obligations under the contract.
