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.




 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Rosneft says Exxon Still Continues to Work With it in Arctic

Russia's biggest oil producer Rosneft said on Saturday that Exxon Mobil was still continuing exploration drilling at their joint project in the Arctic Kara Sea.

ICC Conference Focuses on Platform to Settle Disputes

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around

Legal

Nigerian Oil Workers Call Off Strike After Talks with Government

Nigerian oil workers' unions have called off a four-day strike after reaching a deal with the government in a dispute over pensions, they said on Saturday. A

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies.

Tanker Trends

Ingram Barge Order 20 Tank Barges for 2015

Ingram Barge Company say they will be building 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions,

Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1554 sec (6 req/sec)