Jasper loses newbuild

China’s Yiulian Shipyard is to sell off a new floatel after Singapore group Jasper Investments failed to come up with the cash to ensure its delivery.

The Singapore company said it would work with the yard to ensure it receives some of the profit from any auction of the 500-person semi-submersible accommodation ship Cosmopolitan Jasper.

The vessel was ordered in 2011 and has a book value of $358m.

Jasper admitted however it would be unlikely to fetch anything close to that figure.

The Singapore company lost $26m in the first quarter.