Stolt cancels newbuilding
Stolt Tankers has cancelled a contract with SLS Shipbuilding Co. Ltd., South Korea, for the construction of a 44,000 DWT coated parcel tanker, hull no. 474, the second in a series of four ships, due to delivery delays. In a statement, the company says: “On March 30, 2009, Stolt Tankers entered into arbitration with SLS Shipbuilding Co. Ltd. disputing their claim for force majeure to justify delays on hull no. 474. The ship was originally scheduled for delivery in September 2008.