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.