Troubled Croatian shipbuilder Uljanik Group has lost another ship contract.
Kuwait’s Transport & Trading Co has scrapped a deal for a 13,700-dwt livestock carrier that had been due for handover in December.
“The contract has been rescinded due to the inability of Uljanik to deliver the vessel in accordance with stipulations of the shipbuilding contract,” the yard said in a statement filed with the Zagreb Stock Exchange.
But it added that the Kuwaiti owner is in talks over new contract terms and wants to complete the vessel at Uljanik.
Last week, Croatian police arrested 12 former executives or directors linked to Uljanik Group in a probe into "financial damage" at the company.
Bankruptcy is looming for the group after the Croatian government rejected a restructuring plan costing more than $1bn.
It has been hit by strikes and bank account freezes as it struggled with cashflow.
Uljanik Shipyard is now left building a ro-ro for CLdN Cobelfret, a ro-ro for KTZ Express and two cruiseships for Scenic Cruises.
The sister 3 Maj yard has a tanker for Marflet for delivery in June.
The Siem group, Algoma, CLdN, Jan de Nul and Wellard are among the owners to tear up contracts at the group in recent months.
