aerial_view_of_asia_heavy_industries_in_busan_south_koreaBelgium's Jan De Nul NV has reportedly cancelled three dredging vessels on order

The ships were scheduled to be delivered to the owner from August to December last year but the construction of the vessels has been delayed and ultimately the owner has quashed the orders.

The newbuilding contracts were reported to cost around $100m.

It is said Jan De Nul NV had arranged refund guarantee from Meritz Fire & Marine Insurance and has demanded repayment.

Meanwhile, Asia HI had made backdoor listing in August last year through Yahohcommunication, a Kosdaq-listed firm.

At the time, Yahohcommunication secured 27% stake (271,000 shares) in Asia HI for KRW 15.447bn ($11.5m).