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

Contracts

Diana Containerships Q2 & 1H 2014 Financial Results

Greece-based Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has reported net income of $0.6 million for the second quarter of 2014,

China Shipyards Bag the Week's Ocean-going Newbuild Orders

Reported ordering this week has been exclusively focussed on the Chinese yards, says Clarkson Hellas in their latest 'S&P Weekly Bulletin'. Dry bulk carriers COSCO

Scorpio Tankers Report Q2, 1H 2014 Profit Slip

Scorpio Tankers Inc. has reported its results for the three and six months ended June 30, 2014. Highlights excerpted here as follows: Results for the three months ended June 30,

Legal

U.S. Marshalls Ordered to Seize Kurdish Oil Cargo off Texas

Acting on a request from the central government in Iraq, a U.S. judge has signed an order telling the U.S. Marshals Service to seize a cargo of oil from Iraqi Kurdistan

UN Throws the Book at North Korea Ship Operator

A U.N. Security Council committee on Monday blacklisted the operator of a North Korean ship, which was seized near the Panama Canal last year for smuggling Soviet-era arms,

Desulfurization of Exhaust Gases in Shipping

Are shipowners prepared to enter SECA zones?   Due to existing regulations on air exhaust emissions from the International Maritime Organization (IMO), and with

Marine Propulsion

Desulfurization of Exhaust Gases in Shipping

Are shipowners prepared to enter SECA zones?   Due to existing regulations on air exhaust emissions from the International Maritime Organization (IMO), and with

Cummins Reports Revenue Jump in Q2 2014

Cummins Inc. reported its results for the second quarter of 2014. According to the report, second quarter revenue of $4.8 billion increased 7 percent from the same quarter in 2013.

Master Marine Delivers Z Drive Towboat

Master Marine, Inc. delivered its first 2,000 hp Z Drive inland river towboat last month. The towboat represents the first vessel (Entech Design) of this series by the yard.

Shipbuilding

China Shipyards Bag the Week's Ocean-going Newbuild Orders

Reported ordering this week has been exclusively focussed on the Chinese yards, says Clarkson Hellas in their latest 'S&P Weekly Bulletin'. Dry bulk carriers COSCO

Aker Philadelphia Shipyard ASA: Purchase of own shares

Aker Philadelphia Shipyard AKPS), a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market, has on July 25, 2014 purchased 1,

HMS Prince of Wales Delivery Begins

A huge section of hull for HMS Prince of Wales, the second aircraft carrier being delivered to the Royal Navy, has today departed BAE Systems in Glasgow on a 600-mile

LNG

ABS to Class the World's First CNG Ship

ABS announced it has been chosen to class the world's first compressed natural gas (CNG) carrier ordered by Pelayaran Bahtera Adhiguna, a subsidiary of Indonesia's

FLNG Prelude: A New Dawn in the Age of Maritime & Energy

Longer than four football fields, as big as six Nimitz-class aircraft carriers and almost as tall as the Taipei 101 skyscraper, Royal Dutch Shell PLC is hoping that its record-setting,

LNG to Acquire Bear Head LNG Project in Canada for US$11 mi

Liquefied Natural Gas Limited today announced that it has significantly expanded its presence in the North American Liquefied NaturalGas (LNG) sector by signing

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair 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: 0.1288 sec (8 req/sec)