Tankship Contract Cancelled by Bahri

Press Release
Wednesday, December 26, 2012

Bahri subsidiary, National Chemical Carriers Ltd., cancels contract for chemical tanker (NCC Bader) due to the delay in terms of delivery.

The National Shipping Company of Saudi Arabia (Bahri) announces that its 80% owned subsidiary company National Chemical Carriers Ltd. Co. has decided to cancel a shipbuilding contract for the chemical tanker (NCC Bader) due to the delay in delivery beyond the agreed date in the shipbuilding contract.

According to the contract signed with ShinaSB Yard Co. Ltd. in 2007 and subsequent supplementary agreements signed during 2012, National Chemical Carriers is entitled to cancel the shipbuilding contract if the delay exceeds the period specified in the contract which also reserves the rights for the company to get refunded of total pre-delivery installments paid amounting to (USD 41.6 million). The paid installments are guaranteed by The Export-Import Bank of Korea, including related compensation expected to reach (US$ 7 Million).

National Chemical Carriers signed with ShinaSB Yard Co. Ltd. during 2006 and 2007 contracts to build (16) chemical tankers, in which ten vessels were received by the company during the period from March 2011 to December 2012, while eight contracts have been cancelled (including two that were re-purchased at new agreed price and received by the Company). As a result of these cancellations, National Chemical Carriers has achieved nearly (USD 97 million) in financial discounts and compensations.

The Company still has a building contract for large chemical tanker (NCC Fajr) under construction at Daewoo Shipbuilding & Marine Engineering Co. expected to be delivered at the end of 2013.




 


Contracts

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines,

Legal

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines,

Hapag-Lloyd: UASC Merger Benefits to show in 2017

German container shipping line Hapag-Lloyd expects to reap a third of targeted annual synergies of $400 million from the planned merger with Arab rival UASC already next year,

Tanker Trends

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Alfa Laval Launches DuroShell LPG/E Cargo Condenser

With the new Alfa Laval DuroShell plate-and-shell heat exchanger, Alfa Laval aims to strengthen its offering in LPG/E cargo reliquefaction with a construction that

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0787 sec (13 req/sec)