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Siem cancels car carrier orders in Croatia

Siem Shipping Group and Automarine, both part of Norway’s Siem Industry Group, have cancelled orders for four car carriers with Croatia’s Uljanik shipyard

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In a regulatory filing, Uljanik said that the shipbuilding contracts were terminated due to its inability to deliver the vessels in line with the conditions stipulated in the contracts.

 

The contract covered the construction of four 7000 CEU PCTCs, with 17,416 dwt, a length of 200m, beam of 32.26m and service speed of 19.4 knots.

SIEM CICERO was delivered by Uljanik Shipyard in 2017
SIEM CICERO was delivered by Uljanik Shipyard in 2017

The yard is facing serious financial and operational problems and is unable to deliver the vessels in the agreed time and condition as originally agreed in the contract. On August 22nd the 4,500 shipyard workers went on strike over demands for payment and the resignation of the senior management.

 

The Croatian government has intervened and settled the late payments and forced managing director Gianni Rossanda to resign.

 

Uljanik has called on energy company Kermas Energija for financial support as a possible future strategic partner, but approval for this is needed and awaited from the EU Commission.

 

Uljanik and the Croatian government are trying to salvage the order and Siem Shipping’s CEO Kenneth Ross is due to travel to the country next week for talks.

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