Finarge cancels AHTS newbuild at SPP Shipbuilding

Finarge cancels AHTS newbuild at SPP Shipbuilding

Genoa: A legal dispute is likely to emerge between Finarge and SPP Shipbuilding after the Italian company, owned by Rimorchiatori Riuniti Group, decided to cancel a shipbuilding contract for a new AHTS vessel.

SPP officials claimed they had not heard of the cancellation when contacted by Splash today while the Italian owner declined to comment on the subject.

However sources have confirmed to Splash that following several months of delay on the delivery, which was scheduled in the third quarter of 2014, and given the present low market cycle in the offshore segment, Rimorchiatori Riuniti prefers to exercise the right to cancel the contract.

The Genoa-based shipping company placed the order with SPP Shipbuilding in April 2013 for two (1 +1 option) AHTS vessels at $60m each and thus entering the offshore supply vessels market.

Last week Splash exclusively revealed Rimrchiatori Riuniti’s latest investment, a modern kamsarmax bulk carrier bought from Japan’s Nissin Shipping.

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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