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.

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