China Shipyard Delays Delivery, Contract Cancelled

Press Release
Monday, November 19, 2012
Ultrabulk Panamax Bulk Ship

Due to continuous delays in the construction and delivery of two Kamsarmax bulkers, Ultrabulk cancels.

The bulkships were originally to be built at Zhoushan Jinhaiwan Shipyard Co. Ltd., China, but the yard failed to finish the construction within agreed contractual delivery terms. The contracts were originally entered into and announced in 2010 (Company announcement # 25/2010) for long term charter of both vessels up to 12 years of duration.

Ultrabulk further announces having entered into an agreement to secure a new ECO-designed Supramax bulker of 61,000tdw size, to be built in Japan and upon delivery to be placed on long term time charter period of up to 12 years to the Ultrabulk platform. Delivery is set for 2015 and Ultrabulk has the option to buy the vessel during the charter period.

The new ECO-designed Supramax bulk carrier will be equipped with electronic main engine and systems which will improve the fuel efficiency of the vessel by approximately 10 % and reduce the CO2 emissions correspondingly compared to similar sized Supramax vessels already delivered. This contract is the first ECO-designed Supramax newbuilding charter contract under the Ultrabulk umbrella, after the company concluded two contracts within the ECO-designed Handysize segment earlier this year.

“The market is still expected to create challenging conditions for the dry-bulk market within the foreseeable future, but with a solid cargo book already in place, it’s a natural move for us to conclude our first new ECO-designed Supramax bulker. By adding this latest ECO-design to our long term fleet, we show our continued support not only to our long term partners in Japan, but also to our long term global cargo partner, sending a strong signal that Ultrabulk is firmly committed to continued growth in the years to come”, says Henrik Sleimann Petersen, Head of Shipholding.
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Newport News, ODU Partner for Bachelor's Degree Program

Huntington Ingalls Industries (HII) announced today that apprentices at Newport News Shipbuilding will now have the opportunity to earn a bachelor of science degree

Navios Time Charters Two Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced  that the Nave Equinox and the Nave Pulsar have been chartered out

Azeri Shipyard, BP Sign Vessel Construction Contract

Azeri state energy company SOCAR's shipyard and British oil major BP have signed a $378 million deal to design and build a subsea construction vessel for the Shah Deniz II gas project,

Legal

Korean Prosecutors Raid Home of Ferry's Owner

Prosecutors investigating the fatal sinking of a South Korean ferry have raided the home of Yoo Byung-un, the head of a family that owns the Chonghaejin Marine Co.

Ship as Lifeboat Concept Disputed by ICV

A recent meeting at the National Transportation Safety Board in Washington, D.C. (attended by International Cruise Victims (ICV) Board representatives) discussed

BP Gulf Spill Trial Set For January

The high-stakes penalty phase of BP's trial over its role in the 2010 U.S. Gulf of Mexico oil spill will start next January, court officials said on Tuesday,

Bulk Carrier Trends

CMM Takes Delivery of Damen PSV for Brazil

New supplier CMM Gravity to start on long-term contract with Petrobras. CMM has taken delivery of a Damen Platform Supply Vessel 3300. The 80-meter, 3,300t deadweight

China's Seizure of Japanese Ship has Pre-WWII Roots

It all began with a pre-World War II contract between China's then "ship king" and a Japanese company to lease two Chinese freighters. When the one-year lease was up in 1937,

Brazilian Soybeans Sold to China Bound for US

Two Brazilian soybean cargoes sold by Japan's Marubeni Corp that were initially sold to China have been switched to the United States, according to port and shipping data updated on Tuesday,

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1525 sec (7 req/sec)