KSOE (Korea Ship building and Offshore Engineering),  a shipbuilding holding company of Hyundai Heavy industries group , has declared that two of it’s branches have entered into contract terminations for ten very large crude carriers (VLCCs).

From the batch seven VLCCs had been contracted to build by Hyundai Heavy industries, while Hyundai Samho Heavy industries was expected to construct only 3  VLCCs from the series.

In a regulatory filing Hyundai states that the total value of contract is KRW 986 billion ( $877m).

After a nameless Oceania based shipowner gone wrong to meet the payment time limit the contract were terminated, KSEO stated.

 Even if, due to the impact of corona virus pandamicarised a significant slowdown in the sector, for 2020, KSOE’s units won orders for 116 ship worth approximately $10 billion, inching near to it’s $11 billion target.

Shipbuilder raised its target to $14.9 billion, for 2021, Yonhap reports, among a positive outlook on the shipbuilding demand.