Gener8 Maritime has secured a significant price reduction on its final VLCC newbuilding at Hanjin Heavy Industries & Construction (HHIC) in the Philippines.
A new deal between the pair will see $19.3m shaved off the price of the 300,000-dwt Gener8 Nestor, inculding $5.4m in damages for late delivery.
In a filing to the SEC, Gener8 says the yard will also pay a $30,000 per day fee from 9 October until and final work on the ship is complete.
