Your question is very difficult. First of all, if payment is made by letter of credit, shipment should be arranged after receipt of the letter of credit. Never deliver the goods without seeing the letter of credit, because this may cause the problem that the documents are inconsistent with the letter of credit, and the issuing bank can refuse to pay for the goods.

Under the present circumstances, you can only ask the other party to wire the payment directly, because you can no longer use this letter of credit. There is no need to cancel the letter of credit, as long as the validity period expires, the letter of credit will automatically expire.