Hyundai cancels tanker order

Hyundai will retain $35 million of prepaid instalments as cancellation fees and, in addition, Alma has agreed to pay $625,000 per ship in price hikes.

Elsewhere, French offshore group Bourbon is preparing to cancel two Panamax vessels on order at India’s Pipavav Shipyard. The order was for four Panamax vessels, one of which was cancelled in January, due to delays at the yard. Bourbon said that it would likely cancel orders for two more vessels if the yard was not able to deliver them before cancellation clauses come into effect later this year.