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Transpetro cancels two LPG carriers at Vard Promar

Transpetro cancels two LPG carriers at Vard Promar
Transpetro has cancelled the last two of eight LPG carriers it was building a Vard Promar in Brazil.

The eight vessels were contracted in 2010 for delivery in between 2014 and 2016 at a total cost of $536m. In statement Singapore-listed Vard, which owns 50.5% of the yard, said the vessels were at very early stage of construction.

Based on the cost of the eight vessels the contracted value of last two ordered was $134m.

“The company is currently reviewing its overall exposure to the Brazilian market, and the termination – if effective – is expected to reduce the company’s overall exposure,” Vard said.

“At the same time, the company intends to claim compensation from Transpetro for damages in relation to the terminated contracts.”