Subscribe to RSS feedWon woe wakens new ship worries
Shipowners' efforts to secure the cancellation of billions of dollars of newbuilding contracts placed with South Korean shipbuilders are being hampered by the weakness of the won, which could result in huge currency losses for the yards.
The problem for shipbuilders arises from the forward sale of dollars expected to be received over the next two or three years from newbuilding orders.
If these contracts are cancelled, shipowners will not make their payments and the yards...
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