Naples-based Augustea Group is in advanced stages of negotiation with a Chinese counterpart to sell the contract to build and operate a new floating terminal capable of handling coal for a new energy plant under construction in Hub, Pakistan.
Sources revealed to Splash the intention of the Zagari family to withdraw from the project following complications which have arisen on the financial side of the deal.
In October last year, Augustea bought the post-panamax bulker Yangze Navigation, which was to be converted into a floating terminal by a Chinese shipyard but as of today it is understood that work has stopped.
The energy project is a joint venture between China Power International, a subsidiary of the State Power Investment Corporation, and The Hub Power Company. Augustea had planned to invest around $70m for the vessels (bulk carrier, tugs and barges) needed to provide the plant a full range of logistics solutions for taking coal from deep sea to the new energy plants.