Croatian shipbuilder 3 Maj's bank accounts have been released after being frozen this week following legal action against the company.

The yard gave no further details in a statement to the Zagreb Stock Exchange.

But the Poslovni Dnevnik website reported the accounts were blocked after Bosnian supplier Cosicpromex filed a claim of HRK 6.8m ($1m) for an allegedly overdue bill.

3 Maj, part of Uljanik Group, has filed an appeal against the enforcement proceedings.

It does not recognise the claim as overdue and expects the issue to be resolved within a reasonable period of time.

Uljanik Group is undergoing bankruptcy restructuring, but 3 Maj is not included.

Croatia decided earlier this year to issue guarantees for a $22m loan to the yard from the state-owned development bank HBOR to 3 Maj to allow it to complete vessels.

Canada's Algoma Central Corporation has revived a previously cancelled bulker order there as a result.