Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

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.”

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish