South Korean shipyard Daewoo Shipbuilding & Marine Engineering has terminated the contract with Sovkomlot for the construction of three LNG tankers Arc7. The reason for the termination was the late payment under the contract by the shipping company. The ships were to be used in the Arctic LNG-2 project.

Sovcomflot shipping company sold 23 vessels, which reduced its total debt from $3 billion to $1.7 billion. After the sale, the company's fleet was reduced to 111 vessels.

Sovcomflot does plan to sell some of its vessels, the company's press service said. The company intends to sell ageing tonnage as well as vessels whose operation does not seem expedient due to the restrictions imposed. The information of the British magazine Lloyd's List about the sale of 40 out of 121 vessels was called exaggerated by Sovcomflot.

Sovcomflot is looking for a buyer for a third of its vessels, sources told the British Lloyd's List. According to the newspaper, the company is urgently looking for money to repay loans in foreign banks due to the sanctions imposed by the West against Russia. Under the terms of the restrictions, Western credit institutions were given a grace period to termin...