March 19, 2013 / 8:41 AM / in 4 years

Samsung Heavy cancels $850-mln order for 5 container ships

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SEOUL, March 19 (Reuters) - Samsung Heavy Industries Co cancelled a 948-billion won ($850 million) order for five container ships from an unnamed Middle Eastern firm, the South Korean firm said in a regulatory filing on Tuesday.

The shipbuilder said the Middle Eastern firm sought cancellation of five of the eight ships originally ordered in 2007, after it failed to acquire adequate financing in the aftermath of the global financial crisis. ($1=1,114.7500 Korean won) (Reporting by Joyce Lee; Editing by Clarence Fernandez)

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