Troubled South Korean yard STX Offshore & Shipbuilding has had to fork out sizeable penalties to overseas owners for late deliveries of ships, with more likely. The yard, which is under court receivership, has paid KRW47.1bn ($40m) so far in penalties meted out by the London Maritime Arbitrators Association (LMAA). Teekay received KRW37.8bn and Sigma Drilling was awarded KRW9.3bn.
Teekay’s case related to STX failing to deliver a series of tankers, while Sigma’s was over a delayed drillship. Teekay is now taking the yard to court for another KRW208.4bn over cancelled options it had with the yard.
A week ago a South Korean court approved a filing by STX Shipbuilding to be put under a court-led restructuring scheme, allowing the yard to stave off liquidation.
In May, STX Shipbuilding filed for receivership, suffering from huge losses. It now has until September 9 to issue a self-rescue plan.