FLEX LNG & SHI Make Peace: LNG Carriers on Order

MarineLink.com
Tuesday, September 03, 2013

FLEX LNG announce they have executed a binding and final settlement agreement with shipbuilders Samsung Heavy Industries: arbitration proceedings have been discontinued and all actual and potential claims and counterclaims arising out of past relationships and contracts between them have been settled.

As part and parcel of the settlement agreement, two ship building contracts have been entered into between SHI and FLEX LNG for two 174,000 m3 TFDE LNG Carriers at prices reflecting current market conditions.

As a result of the settlement agreement the parties have agreed to redeploy USD 210 million from payments already made to SHI by the FLEX LNG group, which will be used as the first instalment for the two vessels. The remaining instalment will be due on delivery of the vessels. Deliveries are scheduled for Q1 2017.

The parties have in addition agreed to investigate the use of the ME-GI propulsion system for the LNG Carriers.

The parties have also agreed to market for sale 6 complete offshore LNG loading arms. SHI will be responsible for the marketing and sales process and the parties will share any proceeds remaining after storage and marketing costs have been deducted.
 

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

Contracts

Rock On: UK's Kent Beach Flood Defence Starts

Rocks are being delivered as work by Van Oord starts on the £30m scheme to protect 1,400 properties at Broomhill Sands Coastal Defence Scheme in Kent, informs UK's Environment Agency.

Port of Long Beach Chooses APS Crane OCR System

APS Technology Group, a member of the ABB Group and a leading provider of optical character recognition (OCR) and process automation technology solutions for marine and intermodal container terminals,

CMB Cancels Order with S.Korean Shipbuilder

Belgian dry bulk shipping group CMB said on Tuesday it had cancelled an order for four vessels with South Korean shipbuilder Samjin set to be delivered in 2014.

Legal

Pariah Containership Banned from Australian Ports

The Australian Maritime Safety Authority (AMSA) informs that it has issued a direction to the container ship 'Vega Auriga' (IMO 9347786) that prohibits the ship

RN Warship Intercepts Caribean Drug Smugglers

Royal Navy warship HMS Argyll has seized £21 million worth of cocaine after a 12-hour pursuit across the Caribbean, informs the Ministry of Defence. Sailors then

Mexican Economy Ministry Slams US Sugar Decision

Mexico's Economy Ministry said on Tuesday a preliminary decision by the United States to impose anti-subsidy import duties on Mexican sugar was a setback in trade

Marine Propulsion

Last Call for Netherlands Marine Propulsion Course

The Marine Propulsion Course this autumn is almost sold out. In this course you will be trained to understand the specific characteristics of ships, engines, transmission systems,

Transnet National Ports Authority Orders 9 Voith Water Tractors

In South Africa’s largest local shipbuilding contract Transnet National Ports Authority has ordered nine new Voith Water Tractors (VWT) for use in several ports across the country.

Electric Boat Powered by Aluminum-air Battery

Alcoa, Phinergy and Heig-VD University demonstrate electric boat with aluminum-air battery range extender at Lake Neuchâtel, Switzerland Alcoa, clean technology

Shipbuilding

Smart-Ship 'Quantum of the Seas' Readies

Tech-savvy modern travelers will be wowed by Royal Caribbean International's newest ship, 'Quantum of the Seas', which incorporates unprecedented levels of technology

Transnet National Ports Authority Orders 9 Voith Water Tractors

In South Africa’s largest local shipbuilding contract Transnet National Ports Authority has ordered nine new Voith Water Tractors (VWT) for use in several ports across the country.

Gazprom, Sovcomflot Expand LNG Transport Cooperation

Gazprom and Sovcomflot named the new state-of-the-art 170,000m³ liquefied natural gas carrier (LNGC) Pskov, after one of the oldest Russian cities. The ship will

LNG

Pskov Gas Carrier Construction Nears Completion

On August 25, 2014, the naming ceremony for the Pskov high-tech liquefied natural gas (LNG) carrier was held at the South Korean shipyard STX Offshore & Shipbuilding.

MN 100: Crowley

9487 Regency Square Boulevard Jacksonville, FL 32225 Tel: (800) 276-9539 Email: corpcomm@crowley.com  Website: www.crowley.com Chairman & CEO: Thomas B.

Kogas Talks to Offload up to 10 Autumn LNG Cargoes

Korea Gas Corp. has approached long-term suppliers of liquefied natural gas (LNG) to defer up to 10 autumn cargos to winter, showing it is lumbered with excess supply and pulling out of spot markets,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1270 sec (8 req/sec)