Hyundai Heavy Industries annuls TMT orders
South Korea's Hyundai Heavy Industries (HHI) will not deliver 12 ships due this year to Taiwan-based Today Makes Tomorrow (TMT), reports said, Seatrade Asia online reports.
HHI decided to cancel the newbuilding contracts for the vessels worth a total capacity of around 1.6m dwt as TMT was unable to fulfil its payment obligations.
The vessels include two ore carriers at HHI, two ore carriers and seven bulkers at Hyundai Samho HI, and one bulker at Hyundai Mipo Dockyard.