DSME cancels order for two LNG carriers

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering said it had terminated an order for two LNG carriers with a European shipowner.

DSME said in a stock exchange filling this order is related to a contract it had won on July 23.

According to the shipbuilder, the contract was worth 649.5 billion won ($495 million), or some $247.5 million per vessel, with delivery of the vessels scheduled by November 2026.

DSME claims that the shipowner based in Europe had failed to fulfill the terms of the contract.

The shipbuilder, which is being acquired by South Korea’s Hanwha Group, did not provide any additional information.

LNG Prime reported on this order for two 174,000-cbm LNG carriers on July 25. Brokers said at the time that this order was linked to ADS Maritime.

This is not the first order DSME terminated this year as the yard already cancelled two LNG carriers linked to Russia’s Sovcomflot.

DSME secured contracts worth about $8.6 billion for 38 ships this year, including these two cancelled tankers.

These orders include six LNG-powered containerships and 30 LNG tankers.

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