Latvian Shipping Cancels $200 M Hyundai Order

Tuesday, November 16, 1999
Latvian Shipping officials said that a deal with Hyundai Heavy Industries for six tankers worth some $200 million has been scrapped, due to political delays on the Latvian side. The company had asked Hyundai to extend for the second time a deadline for signing the contract for six Panamax-type 70,000 dwt tankers, but Hyundai refused, nullifying the deal. The deal was originally planned to be signed by Oct. 22, but Hyundai later extended the deadline to Nov. 5 after the initial request by Latvian Shipping. Latvian Shipping is in the process of being privatized, and all its business decisions have to be approved by the agency's board and council. The privatization agency's council decided on Nov. 12 that the company must find a strategic investor before it can sign the tanker order.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Latest Shipbuilding Contracts Include VLCC Order for Philippine Yard

In the latest Clarkson Hellas S&P Weekly Bulletin newbuilding orders are reported in Far East shipyards for a range of vessels as follows: Bulk carriers Clarkson

North Sea: Potential VLCC Moves to South Korea

North Sea Forties crude differentials were unchanged on Wednesday in very quiet pre-Easter trade, with dealers still watching two potential VLCC shipments to Asia

All Items Approved at Stolt-Nielsen Meeting

Stolt-Nielsen Limited announced that all agenda items were approved and all nominated directors were elected at its Annual General Meeting of shareholders held yesterday in Bermuda.

Ship Sales

Litigation Can Cost Shipbrokers an Arm & a Leg

A survey of London solicitors by specialist intermediaries insurer ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts,

Scorpio Tankers' Latest Sale & Purchase Deals

Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier. In March 2014, the Company received

McQuilling Services Industry's Spot Market Review for First Quarter

There’s no denying that the wave owners rode into 2014 on was a welcome way to start the new year (at least from their perspective).  Earnings in the large crude

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0618 sec (16 req/sec)