NITC Allows Tanker Contract with Daewoo to Lapse
The National Iranian Tanker Company (NITC) has failed to make the firstpayment on a contract for the construction of four 280,000 dwt tankers by SouthKorea's Daewoo, thereby allowing the contract to lapse. The order was placed byNITC in early 1990, but the contract included a clause making the order"subject to confirmation." NITC had agreed to pay $82.5mn per tanker.The tanker company has in the past put forward...
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