Euroseas Cancels First Ultramax Newbuilding

Illustration; Image Courtesy: Diana Shipping

Greek owner and operator of dry bulk and container ships Euroseas Ltd. has terminated the order for the first of its Ultramax vessels, Hull Number DY 160, under construction at Sinopacific Shipbuilding’s Dayang yard in China.

The company said that the vessel was cancelled due to excessive construction delays.

Euroseas has demanded the return of its progress payments and other expenses as specified in the newbuilding contract and secured by refund guaranties.

The parties have referred the matter to arbitration, Euroseas added.

The 63,500 dwt Ultramax, which was planned to be renamed Alexandros P,  was originally scheduled for delivery in the second quarter of 2016.

The company’s second newbuilding contract for a similar Ultramax vessel, Hull Number DY 161, with the same yard is also facing significant delays.

Furthermore, Euroseas signed an addendum to its shipbuilding contract with China’s Jiangsu New Yangzijiang shipyard for the construction of a Kamsarmax vessel, scheduled to be delivered during the first quarter of 2018.

According to the addendum, the company acquired the option until December 31, 2016 to decide whether to build the vessel, build a vessel of different type, credit the payment already made as part of the original contract (USD 2.7 million) to acquire a different vessel from the yard at a mutually agreed price, or decide to cancel the shipbuilding contract without any additional cost.

In February 2016, Euroseas took delivery of a similar Kamsarmax vessel, M/V Xenia, which was chartered for four years at USD 14,100/day with an additional year at USD 14,350/day at the charterer’s option.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >