The 875-teu Bakkafoss was one of two ordered for a combined $50m for delivery in 2013 by Rongcheng Shenfei in China.
"The construction of the second vessel has not proceeded according to schedule and it is evident that further delay is ahead," Eimskip said.
The owner will seek a refund of $13.1m plus interest that it has already paid.
This is secured by a bank guarantee.
