Kuwaiti Owner Cancels Shipbuilding Deal at Uljanik
- Business & Finance
Croatian shipbuilder Uljanik has received another newbuilding contract cancellation, this time from a Kuwaiti client.
Namely, Kuwait-based Livestock Transport & Trading Co. cancelled a contract for the construction of a 28.000 m2 livestock carrier with the shipbuilder on April 1.
The contract was terminated due to Uljanik’s inability to deliver the newbuilding no. 526 in line with the terms defined by the agreement.
However, according to the shipbuilder’s stock exchange filing, the company was willing to negotiate new contract terms with the financially troubled Uljanik in order to continue construction. The parties have launched negotiations on the matter.
A number of ship owners decided to abandon newbuilding contracts with Uljanik during 2018 and earlier in 2019. A little over two months ago, Luxembourg-based CLdN RoRo canceled a contract for the construction of a RoRo vessel at the shipyard.
The contract for one 5,500 lane meter ship (hull no. 531) was terminated on January 27, 2019. Only days later, Uljanik received a shipbuilding contract termination for one self-propelled cutter suction dredger from Dredging and Maritime Management SA (DMM) Luxembourg.
World Maritime News Staff