STX Offshore & Shipbuilding has recently cancelled two bulker orders after the orderer had failed to pay the second installment.
Brokers believe Emirates Trading Agency (ETA) of Dubai is the owner mentioned above.
STX made a regulatory filing on November 30 that a pair of bulker orders, contracted in August 2008 from Middle East shipowner, totalling KRW 122.9bn ($117.1m), had been cancelled.
The Korean shipbuilder explained the contract had been cancelled on November 29, due to shipowner's unpayment of second installment.
STX said that on the understanding that $11.71m of down payment would belong to STX, the contract had been cancelled.
STX added due to non-payment of second installment, any shipbuilding cost had not occurred yet.
Published : December 5, 2012
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