Sincere Navigation order at STX falls through

Sincere Navigation order at STX falls through

Taiwanese owner Sincere Navigation’s product tanker order at South Korean yard STX Offshore & Shipbuilding has fallen through after the shipyard failed to secure refund guarantees.

Sincere Navigation announced the signing of a letter of intent with STX Offshore at the end of June for the construction of a 49,700 dwt product tanker priced at $35.294m.

Sincere Navigation has been informed by STX Offshore that the shipyard’s application for refund guarantees was rejected by Korean Development Bank and the company is now looking to choose another shipyard for the order.

The order will mark Sincere Navigation’s entry into the product tanker sector. It currently operates a fleet of 14 bulk carriers and three VLCCs.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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