STX Offshore & Shipbuilding made a regulatory filing on November 30 that a pair of bulker order, contracted in August 2008 from Mideast shipowner, totalling KRW 122.9bn ($117.1m), had been cancelled.
The Korean shipbuilder explained the contract had been cancelled on November 29, due to shipowner's unpayment of down payment.
STX said that on the understanding that overall $11.71m of down payment would belong to STX, the contract had been cancelled.
STX added due to unpayment of second installment, shipbuilding cost had not been placed yet.