Saturday, 27 June 2009
Stolt Tankers B.V., a subsidiary of Stolt-Nielsen S.A. (OsloBørs: SNI), today announced that it cancelled a contract with SLS Shipbuilding Co. Ltd. of South Korea for the construction of hull #474, a 44,000 dwt coated parcel tanker, the second in a series of four ships, citing extended delivery delays.
On March 30, 2009, Stolt Tankers had entered into arbitration with SLS Shipbuilding Co. Ltd. disputing their claim for force majeure to justify delays on hull #474. The ship was originally scheduled for delivery in September 2008. All progress payments to date are covered by bank refund guarantees. This cancellation follows the cancellation of hull #473, the first ship in the series from SLS Shipyard Co. Ltd., on March 18, 2009. The shipyard has disputed the cancellation of hull #473 and the parties entered into arbitration on March 26, 2009.
Source: Stolt-Nielsen S.A.
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It is very interesting article. I Would like to know more about the continuation of the battle between them in the arbitration forum.
ReplyDeleteBlossompinks