Croatia-based Atlantska Plovidba has cancelled an order on two delayed panamax bulkers at Chinese shipyard Jiangsu Eastern Heavy Industry (JEHI).
The contracts were terminated because the yard could not meet the deilvery deadline of 30 June, Atlantska told the Zagreb Stock Exchange in a regulatory filing.
The two delayed 79,800 dwt panamaxes were part of a series of four ordered from JEHI. The first two vessels were handed over to the owner last year.
Atlantska said it is requesting for a refund of all the cash paid so far. The shipowner had paid a deposit of $54m in 2008 for the four bulkers.