In an announcement to the Thai stock exchange, Precious Shipping has revealed it has canned the last ship it had on order at China’s Taizhou Sanfu yard. The dry bulk owner cited the yard’s failure to fulfill one of the conditions precedent for the cancellation of the 63,345 dwt ship originally ordered at the end of 2013. Precious had paid no advances on this ship.
With this cancellation, the company’s newbuilding program with Sanfu is completed with six delivered ultramax vessels and four more cancelled.