Awilco LNG Carrier Charter Cancelled
Norwegian LNG transportation company Awilco LNG said that the charter deal for its WilForce LNG carrier has been cancelled by the charterer.
The LNG tanker which was damaged in a collision off Singapore last month, is currently undergoing repairs at a yard in Singapore.
"Repairs are progressing as planned and are expected completed by end-August / early September. Cost of repairs are covered by insurance," said a statement.
At the time of being struck by the other vessel, the WilForce was employed on a 9-12 month time charter contract which commenced in September 2018 as announced 5 July 2018.
The Charterer has today notified Awilco LNG of its decision to cancel the remaining period of the time charter contract due to the prolonged off-hire period required to repair the Vessel. This is a right the Charterer has in accordance with the Charter Party Terms.
Awilco sees the chartering market tightening in Q4 2019 on the back of newbuilding deliveries tapering off in the second half of 2019 coupled with most of the new LNG production capacity scheduled for start up in 2019 being commissioned in the second half of the year and of course increased demand ahead of winter.