Frontline’s top executive suggested cancellation is the only likely outcome if South Korea’s STX Offshore & Shipbuilding cannot deliver four newbuildings.
Chief executive Robert Hvide Macleod told analysts Wednesday that the New York and Oslo-listed tanker owner is not open to renegotiating at the yard, even if it can get the VLCCs for a lower price. Shipbrokers and analysts have already been treating the order as dead since STX’s insolvency filing in May.
“STX
