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Tuesday, August 18, 2009

SLS Shipbuilding embroiled in more arbitration

Seoul: Tongyeoung-based mid-size builder SLS Shipbuilding is facing more arbitration drama from D’Amico and its commodities partner Glencore as the pair seek to nix all four ships, worth $190m, on order at the yard. The pair, whose shipping jv is called Glenda International, have launched a total of four arbitration cases this year over the four orders, successfully getting the first product tanker rescinded in June, citing “excessive delays”.  However, SLS refused to repay $27.5m in instalment payments, which brought arbitration proceedings. Glenda is citing lateness in its efforts to cancel the remaining three product tankers at the Korean facility.  [18/08/09]