Belgian owner Jan De Nul has become the latest owner to tear up a newbuilding contract at Croatia's troubled Uljanik Group.
The shipbuilder said that the Luxembourg-based Jan De Nul unit Dredging and Maritime Management has unilaterally terminated its deal for a 26,600-dwt cutter-suction dredger due this March.
The contract for hull 500 was cancelled due to Uljanik's inability to deliver the vessel in accordance with the conditions of the contract, it added in a filing with the Zagreb Stock Exchange.
