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  • 2011 June 22 15:47

    STX France cancels Libya cruise ship contract

    STX France SA, a 66.66 percent owned subsidiary of STX Europe AS, has rescinded the contract with GNMTC (General National Maritime Transport Company) - the state owned Libyan shipping company - for the construction of a 140,000 GT cruise vessel for delivery end-2012.  SRX Europe says the reason for the rescission is the default of payment from GNMTC, MarineLog reports.

    STX France says it is confident that it will be able to find a new buyer for the vessel. Due to insurance cover for such an incident, the rescission is expected to have limited impact on the financial results of STX France.
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