Latvia Shipping Asks Hyundai To Extend Tanker Deal
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.