After failing to meet delivery dates for a pair of 5,500 DWT chemical tankers, a Chinese shipyard has a bit of a mess on its hands as Singaporean tanker owner, Yujin International Ltd, has decided to pull the plug on their newbuilding program.
And, they are demanding their money back, plus interest.
The newbuilds were delayed and as announced on 13 April 2012 and 1 June 2012, the yard was unable to make delivery of the first ship by the 31 March 2012 deadline. The second ship was scheduled for delivery by 30 June 2012, however delivery of this ship has also been delayed by the yard.
The Board of Yujin has been considering their available options and is continuing to take legal advice at this juncture.