Owners Happy with Newbuilds at Failed Yard

A Greek owner is expressing satisfaction with his freshly delivered ultramax from Sinopacific’s Dayang as the bankrupt Sinopacific yards continue to turn out ships amid restructuring efforts.

News ID: 71797

Date: 23 January 2017 - 13:19

According to MANA, the 63,500-dwt Alexandros P (built 2017) was delivered to Aristides Pittas’s Euroseas this week from Dayang, one of the two yards of Sinopacific Shipbuilding Group (SSG). The vessel is proceeding to South Korea and will trade on a spot basis for a breaking-in period before long-term employment is lined up.

Officials at the US-listed Greek owner expressed satisfaction with the level of the work carried out under the financial guarantor, state-owned trading house Sumec.

“The ships were ordered with a number of extras added to the standard specification,” said a Euroseas official. “Everything was perfect.”

Euroseas has other reasons to be satisfied. The delayed ship’s price was drastically renegotiated last year from $27.7m per ship for two ships in 2014 to around $17.1m for just the one.