Five ships cancelled at Qingdao Hyundai

缥缈随风

Evalend Shipping of Greece has now cancelled five of a total of eight 5,600-dwt chemical tankers booked at China's Qingdao Hyundai Shipyard.

Last month, it was reported that two vessels in the series that had been cancelled by Evalend were purchased by compatriot owner Laskaridis for a reported $9m each. They were hulls number 204 and 211. Evaland was believed to have contracted the ships at about $14m each.

Now sources within Evalend say hull numbers 205, 206 and 212 have also been cancelled in the past couple of months after the shipyard failed to deliver within the contractually agreed time limit.

The first ship in the series, hull number 203, now named Mediator, was delivered to Evalend last year.

The company says the two final units in the series, hull numbers 213 and 214, are due for delivery in May.

"If the yard can deliver within the contractual time, we will take delivery," the company source said.

Evalend has not been particularly lucky with the small chemical tankers it had planned to build. The company originally placed a series of four 13,000-dwt tankers with South Korea's Nokbong Shipbuilding in 2004 but finished up winning a London arbitration award against the shipbuilder, which had terminated the orders.

It was reported this week that after the yard totally ignored the arbitration award, Evalend recently instituted litigation proceedings against Nokbong for the claim, which has risen to well over $50m.

On the wet side, in addition to the lone 5,600-dwt vessel from Qingdao Hyundai, Evalend currently operates five 13,000-dwt chemical tankers delivered from Sekwang Heavy Industries between 2007 and 2008. It also has two aframax tankers on order at Sumitomo Heavy Industries for delivery in 2011.