Samsung Heavy Industries decided to cancel fulfillment of the contract with Israeli company ZIM Shipping, the Korean shipbuilder revealed today in a regulatory filing to the Korea Stock Exchange.
Originally, three cancelled ships were part of an 8-vessel order from 2007 worth USD $513 million. The first five ships were canceled in March 2013 and with this contract termination the entire deal, worth more than USD $1.35 billion, has been scrapped.
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World Maritime News Staff, February 7, 2014