Canada's Algoma Central Corporation last Friday terminated a contract for a bulk cargo vessel that was ordered to be built by the Uljanik Group, the Pula-based shipbuilding company said on Monday.

The reason cited for the contract termination was the shipyard’s inability to deliver the vessel on time, the shipyard said, noting that actual construction work on the ship had not yet begun.

In early September, Uljanik’s clients had terminated contracts for four other ships.

The Cayman Islands-based Auto Marine Transport had cancelled an order for a car and truck carrier on September 1, after cancelling another order for the same type of ship. On that same date, Norway-based Siem Shipping also terminated contracts for car carriers, the construction of which hasn’t been started.

The new cancellation add to the shipyard’s problems, which is trying to find a new strategic partner willing to finance a restructuring plan intended to save the company, employing more than 4,000 workers, from looming bankruptcy.

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