Germany's insolvent shipyard P+S Werften may nullify five newbuilding contracts in order to secure European approval for fresh financing.
Court administrator Berthold Brinkmann said four out of five ice-class vessels ordered by Greenland’s Royal Arctic Line (RAL), and a pipe-laying ship booked by Germany’s Harren could be cancelled.
The move is to satisfy European Union liquidation requirements and clear the way for a major loan that could finance the completion of other newbuilding projects at the yard.