D’Amico International Shipping said it has cancelled a contract with SLS Shipbuilding for a 51,000dwt product tanker.

The Italian shipping firm cancelled the contract due to excessive delays in the scheduled delivery of the vessel, it said in a statement.

Glenda International Shipping, which placed the order, has demanded the shipyard refund the full amount of all advances settled for the vessel along with accrued interest.

Glenda is a joint venture between d’Amico International Shipping and Glencore Group.