Glenda Cancels Third Newbuild Tanker

27 September 2009 (Last Updated September 27th, 2009 18:30)

Glenda International Shipping has cancelled a third tanker newbuild at SLS Shipbuilding in South Korea. The hull S512 medium-range product ship is the third in a series of four 51,000dwt tankers ordered by Glenda at a total cost of $190m. Glenda International, a join

Glenda International Shipping has cancelled a third tanker newbuild at SLS Shipbuilding in South Korea.

The hull S512 medium-range product ship is the third in a series of four 51,000dwt tankers ordered by Glenda at a total cost of $190m.

Glenda International, a joint venture of d’Amico and Glencore, said it demanded SLS to repay the $24.3m in payments made to date.

The company is already in arbitration proceedings over $56.7m in instalments on the first two newbuilds which it cancelled this summer after SLS refused to repay the instalments.