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CMB Cancels Order with S.Korean Shipbuilder

Belgian dry bulk shipping group CMB said on Tuesday it had cancelled an order for four vessels with South Korean shipbuilder Samjin set to be delivered in 2014. CMB, which added that the shipbuilder was not able to deliver the four handysize vessels on time, said Samjin had returned $30 million in advances, including interest. In late 2011, CMB's unit Bocimar signed a deal with Samjin for the delivery of six vessels, with two options for another two.