Euroseas has launched new arbitration after cancelling another ultramax newbuilding at Sinopacific Shipbuilding Group’s Dayang shipyard.
The New York-listed bulker and containership owner said the bulker was axed for “excessive construction delays”.
The Aristides Pittas-led company said the ship was due at the end of August.
Euroseas has asked for its progress payments back, which are covered by refund guarantees.
The news comes slightly more than a month after Euroseas said it launched arbitration after cancelling the 63,500-dwt Alexandros P, a sistership on order at Dayang.
The
