MISC slices order

MISC Berhad has chopped an order for eight tankers at a South Korean shipyard in half.

Its $430m eight-ship deal with SLS Shipbuilding has been scaled back to four following amicable negotiations, the shipowner says.

Bursa Malaysia-listed MISC says the decision to slice the order for the 45,000-dwt chemical/product tankers “is to the benefit of both parties”.

It is not clear why the contract has been cut or whether there will be any financial penalties for the owner.

Attempts to contact MISC for comment were unsuccessful Monday.

TradeWinds reported last year that the first three vessels were slated for delivery in 2009. The remaining five were set to slide into the water in 2010.

MISC had 16 vessels on order when it scooped a $1bn credit facility from five different banks in October 2008.

In addition to the SLS vessels, it had eight 38,000-dwt chemical tankers at STX Shipbuilding.