# STX VLCC cancelled



## shhxyy (Jun 9, 2011)

Korea’s STX Offshore & Shipbuilding said in a regulatory filing yesterday that a domestic client, thought to be troubled KLC, has cancelled a VLCC due for delivery this month. 

The company said that the owner of the KRW 147bn tanker was seeking court protection and the ship was contracted in April 2008. 

In a filing to the Seoul exchange, the shipyard said the contract had been terminated because the buyer, a South Korean customer, was unable to complete the transaction as it was in the process of seeking court protection. 

KLC sought bankruptcy protection in January and filed for receivership in February after suffering in poor bulker markets, with more than 100 of its chartered-in ships running at a loss.


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