Stolt cancels tanker

Stolt Tankers has cancelled a contract for a delayed coated chemical tanker being built at SLS Shipbuilding in Korea. The subsidiary of Oslo-listed Stolt-Nielsen said the 44,000 DWT vessel was originally scheduled for delivery in May 2008.

The company said that there had been “general delays” at the yard, but it will still take delivery of the next three in the series even though Stolt cannot say exactly when these will be handed over. Brokers estimated the contract price at $58m per ship.

In the current economic climate, the company said it had no pressing need for the vessel and so the cancellation made sense from a business point of view.

It added: “All progress payments to date are covered by refund guarantees.”

There is a separate series of eight 43,000 DWT and 44,000 DWT tankers due from the yard in 2010 and 2011.