Yards brace for Sovcomflot order cancellations

As well as selling a chunk of its existing fleet, Russia’s Sovcomflot is starting to jettison some of its orderbook as sanctions hit following Vladimir Putin’s decision to invade Ukraine.

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has cancelled a contract for one of three LNG carriers it is building for the Russian owner after Sovcomflot failed to make an installment payment. Fellow South Korean yard Samsung Heavy Industries has said it is continuing to build ships for Sovcomflot. In total, VesselsValue lists Sovcomflot’s orderbook today as 13 ships strong.

Splash has been reporting on multiple Sovcomflot ship sales in recent weeks with more than 10% of the company’s giant fleet sold.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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