Greek owner Diana Shipping has cancelled a shipbuilding contract with Yangzhou Dayang Shipbuilding and Shanghai Sinopacific International Trade with respect to a kamsarmax dry bulk carrier.
The original delivery date of the ship was scheduled for May 31, 2016.
The company has exercised its right under the contract to cancel the contract due to a delay in delivery of 150 days after the original delivery date. Diana will to claim a refund of the pre-delivery installment payments of around $8.65m plus interest. The refund is covered by a refund guarantee from the Export-Import Bank of China.