Yangzijiang Shipbuilding, China's largest private shipyard, has cancelled four MR product tanker contracts valued at approximately $180 million. The contracts, originally placed by Global One Energy (Gloen), a Geneva-based energy trader, were terminated after Yangzijiang discovered 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.