Latvia Shipping Asks Hyundai To Extend Tanker Deal

Friday, October 22, 1999
State-owned Latvian Shipping has asked Hyundai Heavy Industries for an extension of the deadline for signing a $200 million tanker order. Latvian Shipping is in the process of having a 44 percent stake sold off, and it must receive approval for the shipping deal from the Latvian privatization body - a process that has been bogged down in political infighting. A deadline for signing a deal with South Korean was to expire today (Oct. 22). Latvian Shipping officials said they have asked for an extension, but have not yet received a reply. The order calls for two Panamax-type 70,000 dwt tankers to be built immediately, with an option for four more.
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