Euroseas axes second ultramax vessel at Chinese yard

NEW York-listed Euroseas Ltd announced that it has terminated its contract for an ultramax dry bulk vessel being constructed at a yard owned by Dayang Shipbuilding due to significant delays.

News ID: 68785

Date: 09 September 2016 - 13:33

The vessel with the hull number DY 161 was previously expected to be delivered at end-August this year, MANA correspondent reported.

Euroseas has subsequently demanded a refund for all installments paid to to date plus other costs as per the contract terms which are secured by refund guanrantees.

This move comes after the company in August cancelled an ultramax vessel, hull number DY 160, being built at Dayang Shipbuilding, amid numerous construction delays.

"After the cancellation of our newbuilding programme with the Dayang yard, we are looking forward to receiving our progress shipbuilding payments of about $18m for the two ultramax vessels which we demanded and expect to be refunded," said Euroseas chairman and chief executive Aristides Pittas.