Denmark-based Ultrabulk has cancelled two Kamsarmax (large Panamax) bulkers it had ordered with China’s Zhoushan Jinhaiwan Shipyard due to a delay in delivery and ordered an ECO-type bulker from an unnamed Japanese shipyard.

The contract was cancelled after the Chinese shipyard failed to finish construction within the agreed timeframe, Ultrabulk said.

Ultrabulk has also cancelled the charter agreement it had signed for the ship, which was to start following delivery.

The company signed the charter agreement in 2010 for both Kamsarmax vessels for up to 12 years.

Following the cancellation, Ultrabulk has ordered a new ECO-designed Supramax bulker with scheduled delivery in 2015.

The Supramax bulker will have a capacity of 61,000dwt and will be chartered for 12 years to the Ultrabulk platform.

Equipped with electronic main engine and systems, the ECO-type Supramax bulker will be able to improve fuel efficiency by approximately 10% and reduce CO2 emissions compared to similar-sized Supramax vessels.

Ultrabulk said the ECO-type bulker will be its first Supramax newbuilding charter contract after signing two contracts for its ECO-designed Handysize vessels earlier this year.

Ultrabulk’s head of shipholding Henrik Sleimann Petersen said the addition of the ECO-type vessel to the company’s long term fleet will send out a signal, not only to long term partners in Japan, but also to global cargo partners that that the company is committed to growth.

"The market is still expected to create challenging conditions for the dry-bulk market within the foreseeable future, but with a solid cargo book already in place, it’s a natural move for us to conclude our first new ECO-designed Supramax bulker," Petersen said.

Ultrabulk operates a fleet of between 90-125 vessels, and has 23 newbuildings on order, out of which 14 vessels are scheduled to join its fleet in 2014.