$180m MR Tanker Order Cancelled After Sanctions Breach Allegations

that Gloen's sole shareholder was allegedly involved in circumventing US sanctions. The order, booked in late 2023 and scheduled for delivery in 2026–27, was intended to mark Gloen's entry into shipowning, but the plan has now been derailed. Yangzijiang's shares dropped 6.7% following the announcement, although the company stated the cancellation would not significantly affect its 2025 financials. The incident highlights increasing compliance risks for Asian shipyards as global sanctions enforcement intensifies.