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New Times Shipbuilding terminates EuroGreen tanker deal

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China’s New Times Shipbuilding has cancelled its first methanol-fueled tanker order from EuroGreen Maritime as the owner can not make the payments on schedule.

In the first half of this year, New Times Shipbuilding and EuroGreen inked the $464m newbuild contract for the construction of eight methanol-fueled product oil tankers which are due for delivery from 2025 to 2026. 

It is the first methanol-fueled vessel order for New Times Shipbuilding, however, the yard had to cancel it as the owner can not make the down payment on time.

According to the yard, the abandoned order will not bring significant impact to New Times Shipbuildings production in the coming years. The yard currently has over 80 vessel orders on hand, which could keep it busy till 2026.