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Daewoo revealed a contract termination for 6 containerships

Daewoo revealed a contract termination for 6 containerships

Daewoo Shipbuilding & Marine Engineering (DSME) of South Korea has announced a contract termination worth $711 million for six containerships.

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In December last year, the contract was won by an unknown owner from Africa. It was expected to supply the containerships by the end of October 2022.

The explanation behind the termination, according to DSME, is the fact that the African owner refused to meet the terms of the contract in order to move ahead with the contract.

In the wake of a big deal won by the yard by the German liner giant Hapag-Lloyd, the cancellation is reported.

In particular, Hapag-Lloyd ordered six LNG-powered 23,500+TEU container ships worth $1 billion from DSME. Between April and December 2023, the ships will be shipped.

Separately, Daewoo Shipbuilding signed a Letter of Intent (LoI) at the beginning of this month to develop 10 very large crude carriers (VLCCs) powered by LNG for an unspecified European client.

If the deal goes ahead for the ten 300,000-ton dual fuel VLCCs, its value could surpass KRW 1.1 trillion ($1 billion), with an approximate value of about $100 million for each tanker.

Maritime Business World

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