1 June 2020
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Norwegian company Siem Shipping Inc. canceled the delivery of four cargo ships from Croatia’s Uljanik shipyard on 1 September, the Uljanik Stock Exchange reported yesterday. The company cancelled the order because the shipmaker wasn’t able to deliver the vessels on time.  The troubled shipmaker also received other order cancellations by buyers from abroad. The cancellations are likely to cost the government EUR 65m. The total value of the shipyard  orders is EUR 192m,  with the state guarantee for those orders amounting to EUR 152m. Both Uljanik and 3 May shipyards currently have blocked accounts.

Adriatic Journal

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