Croatian shipbuilder Brodosplit proudly showed off the new sail-powered cruiseship Flying Clipper in Split last week, but there was one glaring absence at the event.

No smiling executives from Star Clippers, the Monaco-based cruise line that ordered the ship, were on hand to take delivery as a dispute rages with the shipbuilder.

Star Clippers told TradeWinds the problem is that the vessel has been completed 20 months too late and it will not accept it ­under the terms being offered by the shipyard.

The 8,770-gt Flying Clipper, a unique cruiseship built to the ­design of a traditional sailing ­vessel, has luxury accommodation for 300 passengers. Topped by five towering masts, when dressed in full canvas it can cut its engines and move with the breeze.

Costing a reported $100m, it was supposed to have been completed in December 2017. Brodosplit missed that date by 20 months.

Croatian sources who have been following developments surrounding the project said that Star Clippers owner Mikael Krafft terminated the newbuilding contract with Brodosplit in March.

Krafft is said to have pointed out in a letter sent to the shipyard on 29 March that Star Clippers was within its rights to walk away, as the contract allowed it to deem the order null and void if delivery was delayed by more than three months.

Star Clippers owner Mikael Krafft with wife Ann at the launch of the Flying Clipper in Split in June 2017 Photo: Brodosplit

Brodosplit has cited the complex build of the ship as the main reason for the delays. It is the first sailing ship in the world built to comply with the IMO’s Safe ­Return to Port requirements under Solas 2010.

The regulation applies to passengerships longer than 120 ­metres. The Flying Clipper has an overall length of 162 metres.

The dispute is being arbitrated in the Netherlands.

TradeWinds sent both companies a detailed set of questions about the dispute.

Star Clippers responded with an email indicating that it still wants the ship.

“Despite the new building being almost two years late, Star Clippers would like to take delivery and is willing to respect the terms of the contract,” the company said.

“It is correct that the forum to resolve this is arbitration in the Netherlands, and this process is underway.”

Brodosplit has yet to respond to requests for comment.