Stolt Tankers Cancels Newbuilding Contract
Stolt Tankers B.V., a subsidiary of Stolt-Nielsen S.A. (OsloBørs: SNI), announced on March 18 that it has cancelled a contract with SLS Shipbuilding Co. Ltd. of South Korea for the construction of a 44,000 dwt coated parcel tanker, the first in a series of four ships, citing extended delivery delays. The ship was originally scheduled for delivery in May 2008. All progress payments to date are covered by refund guarantees.