Thailand-listed dry cargo ship owner Precious Shipping has cancelled the final Ultramax newbuilding order at China’s shipyard Taizhou Sanfu Ship Engineering.
The company said that the final shipbuilding contract for hull a 63,345 dwt bulk carrier was automatically terminated on May 31, 2017 as Sanfu was not able to fulfil one of the conditions precedent.
Precious Shipping, which placed an order for the new ship in December 2013, said that no refunds are due and payable to the company as there were no advances paid to Sanfu.
With the latest cancellation, the shipowner finalized its newbuilding program with Sanfu with six delivered and four cancelled shipbuilding contracts for Ultramax vessels.
In April 2016, Precious Shipping decided to cancel three shipbuilding contracts at Sanfu due to the expected delay in delivery following several settlement agreements with the yard.