Shipbuilding Order Dispute to the Tune of US$300-million

Press Release
Friday, March 08, 2013

FLEX LNG (HQ in Tortola) is in continuing dispute with Samsung Heavy Industries and briefs its shareholders as follows:

"As previously announced, FLEX LNG considers the four shipbuilding contracts and the EPCIC that were entered into with SHI in 2008, to have been abandoned.

FLEX LNG has requested that SHI repays a net amount in excess of USD 300 million and appropriate actions are being taken to secure the repayment of the said funds.

In response to FLEX LNG's actions, SHI has recently  maintained that it has no obligation to repay any funds and, as was expected, on 05 March 2013 SHI purported to terminate the aforementioned contracts.

The purported terminations – which cannot be effective if the Contracts have been abandoned as FLEX maintains, do not alter FLEX LNG's position, nor do they affect the actions currently being taken by FL EX LNG for the commencement of arbitration proceedings to recover its funds.

FLEX LNG will update its shareholders of the ongoing dispute as additional information becomes available"
 

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

Legal

Singapore Becomes Sea-Dispute Settlement Centre

The government of Singapore has become a venue in Asia to settle maritime disputes for proceedings before the International Tribunal for the Law of the Sea (ITLOS).

USN's Fourth MUOS Satellite Launched

After a two-day delay due to tropical storm conditions, the Navy's fourth Mobile User Objective System (MUOS) satellite launched at 6:18 a.m. EDT from Space Launch Complex 41.

Husain appointed ABB’s CTO

ABB, the leading power and automation technology group, has appointed Bazmi Husain as Chief Technology Officer (CTO), effective January 1, 2016. Husain, an expert

Shipbuilding

Hanjin Rolls Out First Philippine-made LPG carrier

Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), which operates the world's fourth shipbuilding facility in Subic Freeport Zone, unveiled the

Edelweiss Now Controls Bharati Shipyard

Edelweiss Asset Reconstruction Company has taken over management control of Bharati Shipyard, says a report in ET.   Edelweiss now controls 70% of the Indian yard’s debts.

Otto Marine Signs Contracts to Supply 2 AHTS Vessels

Go Offshore,  wholly-owned subsidiary of Otto Marine has entered into an agreement for two long-term anchor handling tug supply (AHTS) charter contracts worth USD25.

Tanker Trends

Dorian Acquires 2 ECO VLGC

Dorian LPG, an owner and operator of modern Very Large Gas Carriers ("VLGCs"), reported today that it has taken delivery of the ECO VLGC Commodore from Hyundai

Egypt Picks Jordan LNG Cargo Winners

Egypt has picked Shell, Vitol and Trafigura in a tender to supply four cargoes of liquefied natural gas (LNG) via Jordan's Aqaba import terminal, trade sources said.

SHIPPINGInsight to Focus on Ship Telematics

The subject of ship telematics will be prominently featured at the upcoming SHIPPINGInsight 2015 Fleet Optimization Conference & Exhibition, which takes place in Stamford, Conn.

Finance

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. (G E Shipping) delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel

New Energy-saving Windshield on MOL MARVEL

Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance,

Taiwan Eyes Budget for New Submarines

Taiwan’s defense ministry seeks financing to expand the country’s submarine fleet, reports Reuters quoting local media reports.   The government has allocated $92.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.4063 sec (2 req/sec)