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D’Amico refuses first supramax delivery from Yangfan

The last supramax bulk carrier built by China’s Yangfan and renamed SM Emerald has been sold to Korea Line because d’Amico Società di Navigazione of Italy refused to take delivery of the newbuilding due to late delivery and technical problems. That is what sources familiar with the matter reported to Splash while neither d’Amico nor Yangfan would comment.

The ship, part of a six-unit order signed in 2013, is now valued at $15.5m while the original price was some $25m. The second ship is scheduled for delivery soon and the other two units during the coming summer. Another two supramax bulk carriers from the same order were recently switched by d’Amico into containerships with delivery set for 2017.

At the moment it is unclear whether the shipbuilding cancellation by d’Amico will bring a legal dispute between Yangfan and the Rome-based shipping company but it seems unlikely since the Italian owner has a further two handysize open hatch bulk carriers under construction and the two parties have had very good and long standing business relationship until now.

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Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.
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