Singapore: Tanker operator Yujin International has won back all downpayments it made for a pair of chemical tanker newbuilds in China it decided to cancel.

London-listed Yujin has signed a final settlement agreement with the unspecified shipyard in which it was agreed that all advance payments made by Yujin to the yard would be refunded, including interest. Funds have been received totalling approximately $ 6m.

Yujin is a Singapore-registered company that owns and charters a fleet of small range tankers (less than 10,000 dwt) in the Asia Pacific region. These tankers are chartered out on short and long term contracts, predominantly to companies providing bunkering services in the port of Singapore.