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 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

DP World Profit Up 22%

Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015,

Legal

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

TASI Acquires SignalFire Telemetry

TASI HOLDINGS INC. announced today it has completed the acquisition of all shares of SignalFire Telemetry, located in Hudson, Massachusetts.  This new acquisition

Tanker Trends

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Oil Plunge Deepens High-yield Gloom

US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn.

Oil Soars in Biggest One-day Rally in Years

Oil rocketed as much as 10 percent higher on Thursday, posting its biggest one-day rally since 2009 as recovering equity markets and news of diminished crude supplies

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Sonar
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: 0.6294 sec (2 req/sec)