Now under court receivership, STX Offshore & Shipbuilding is seeing its orderbook whittled down fast.
Yonhap, South Korea’s main newswire, reports that Frontline is close to axing four tankers while another customer is close to cancelling a contract for another three tankers.
The yard is going through a court-led restructuring scheme having been under creditor control for the last three and a half years.
STX has said it will focus more on series production of product tankers in the future to try and raise profits.