STX left with Korea Line VLCC on its hands

Korea’s STX Offshore & Shipbuilding said in a regulatory filing yesterday that a domestic client, thought to be troubled KLC, has cancelled a VLCC due for delivery this month.


The company said that the owner of the KRW 147bn ($134m) tanker was seeking court protection and the ship was contracted in April 2008.


KLC sought bankruptcy protection in January and filed for receivership in February after suffering in poor bulker markets, with more than 100 of its chartered-in ships running at a loss.
(Source:http://www.seatrade-asia.com)