Alphabiz - Samsung Heavy Industries Faces Injunction Filing Over Cancellation of Oil Tanker Contracts

Photo courtesy of Yonhap News

[Alpha Biz= Kim Jisun] Samsung Heavy Industries announced on April 6 that it has been subject to a preliminary injunction filing seeking to prohibit the disposal and transfer of possession of two crude oil tankers.

According to the company’s disclosure, shipowners Tethys Lines and Gaia Lines filed the injunction request on April 2 with the Tongyeong branch of the Changwon District Court. The plaintiffs argue that Samsung Heavy Industries’ termination of the shipbuilding contracts was unjustified and seek to prevent any disposal or transfer of the vessels until an arbitration ruling is reached.

The claim amount is KRW 259.7 billion.

The vessels in question are two crude oil carriers ordered in June 2023. Samsung Heavy Industries notified the shipowners in February and March this year that it was terminating the contracts, citing their failure to make final installment payments.

Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)