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Wednesday, January 25, 2023

The South Korean shipyard DSME terminated another contract with a Russian customer

The South Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME) terminated the contract for the construction of an LNG carrier for a customer from Russia.

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TTS writes about this with reference to  Gospodarka Morska.

The reason for terminating the contract was delayed payments and interruptions in the supply of equipment and materials due to export sanctions imposed against Russia.

The value of the contract concluded in October 2020 is $253 million.

This is already the third contract for the construction of an LNG tanker, which was terminated due to the inability of the Russian client to fulfill its payment obligations. The two previous contracts were terminated in May and June, respectively.

It is assumed that the anonymous customer is the Russian gas company Novatek, which in 2020 ordered three LNG tankers for export to Yamal.

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