A partially completed bulker cancelled by a Canadian owner is vital if Croatian shipbuilder 3 Maj is to avoid bankruptcy, according to its CEO.

Edi Kucan told the Poslovni website that hull 733, abandoned by Algoma Central Corporation last year, is 80% complete.

He wants the Croatian government to provide €120m ($134.8m) to finish this and three other vessels.

That way the yard might live to see 2020, he added.

3 Maj is part of the troubled Uljanik Group, which is undergoing a bankruptcy process, as is another group yard Uljanik Shipyard.

On Wednesday, the commercial court in Rijeka postponed to 4 July a hearing that could launch bankruptcy proceedings for 3 Maj itself.

In October, Algoma cancelled four 24,900-dwt handysize bulkers at the shipbuilder.

“The cancellation notices have been sent to the shipyard as a result of the yard’s failure to secure refinancing and Algoma has no assurance that the shipyard will be able to complete the four vessels,” Algoma said at the time.

The ships were due for delivery this year.