Dry Cargo

Algoma cancels newbuild contracts with Croatian shipyard

Baird Maritime
Algoma Central bulk carrier Algoma Equinox

Canada's Algoma Central has decided to cancel its four newbuild construction contracts with an unnamed Croatian shipyard.

The decision comes following the shipyard's failure to secure refinancing and to provide assurance that it will be able to complete the four vessels ordered by the Ontario-based bulk carrier operator.

Algoma will seek reimbursement for contract instalments paid till date, including issuing demands under related refund guarantees.