Spanish tanker operator Marflet Marine has entered into an agreement with 3 Maj, a subsidiary yard of financially troubled Croatian shipbuilding group Uljanik, to complete the construction of an unfinished tanker MR tanker.
Marflet Marine originally ordered the 50,000 dwt Santiago I (hull 723) at Uljanik, although the contract was cancelled after the construction of the vessel was suspended in 2017 when Uljanik was hit by a financial crisis.
This latest contract will see 3 Maj complete the construction of the ship before July 15, 2021.
Earlier this month, the Croatian government said it would issue new guarantees to 3 Maj to help the yard secure loans to finance the construction of ships.
Currently 3 Maj has another unfinished set of 24,900 dwt bulkers which were originally ordered by Canadian owner Algoma.