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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Sea IT, Veritas Tankers Ink Long-term Software Deal

Sea IT has entered a long term ICT agreement with Veritas Tankers. The agreement comprises installation of BlueCORE Generation 4, an ICT platform specifically developed for the marine industry,

Interior Facelift for Queen Mary 2

Cunard’s luxurious flagship, the iconic 2,620 passenger ocean liner Queen Mary 2, will undergo an interior refit at the hands of McCue Marine during a 25-day multimillion-pound

Chemical Shipping Freight Rates to Remain Under Pressure

On the back of low bunker prices and more new buildings to be delivered in 2016, chemical shipping freight rates for both contracts of affreightment and spot cargoes

Legal

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Owner Fined for 'Dangerously Unsafe' Vessel

The owner of a harbor tanker has been fined £3,000 with more than £7,000 costs after pleading guilty to a charge of operating a vessel for being dangerously unsafe.

Philippines Mulls Bilateral Sea Talks with China

The Philippines may consider two-way talks with China to resolve a territorial dispute in the South China Sea but only if it wins its case with Beijing at an arbitration tribunal in The Hague,

Bulk Carrier Trends

Nordana Sea Delivered to Symphony Shipping

After successful sea trials, M.V. Nordana Sea was delivered to Symphony Shipping on February 11, 2016. Constructed by builder Ferus-Smit in the Netherlands (yard number 419),

Baltic Index Rises for First Time in 2016

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the first time this year on Friday, helped by higher rates for panamax vessels.

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.0810 sec (12 req/sec)