Daewoo Shipbuilding cancels a $514M order from a European client after the customer failed to...

|By:, SA News Editor

Daewoo Shipbuilding cancels a $514M order from a European client after the customer failed to make its first scheduled payment. It is the first cancellation of the year among Korea's major shipbuilders. The order and deposit for 2 crude tankers and 2 bulk carriers was placed in June 2008.