Navibulgar cancels handysize

Bulgarian owner Navibulgar has cancelled a contract for a handysize bulker at the domestic Varna shipyard.

Industrial Holding Bulgaria (IHB), which controls Varna through its Bulyard subsidiary, said the deal for hull 459 was scrapped by Navibulgar’s Osogovo Maritime subsidiary.

The 21,211-dwt vessel remains under the ownership of Bulyard Shipbuilding and is due to be launched in December. The vessel was ordered in April 2007 and scheduled for delivery next June. Navibulgar is still listed as having three Supramaxes on order at the yard for delivery in 2011 and 2012, but serious question marks must now hang over those vessels.