Greater China

TMT penalised for failing to pay up for VLCC newbuilds

Seoul: Korean shipbuilding newswire Asiasis reports that Daewoo Shipbuilding & Marine Engineering (DSME) has confiscated Taiwanese owner Today Makes Tomorrow’s (TMT) deposit on two VLCC newbuildings. TMT was unable to make final payments for two recently completed 320,100 dwt tankers and has lost around $30m in deposits.  [26/09/12]

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