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AAGL-Seatankers Management contract cancelled

AAGL-Seatankers Management contract cancelled

Mumbai: Indian state-run shipyard Alcock Ashdown Gujarat has announced the mutual cancellation of an order signed in 2006 for the construction of four 12,800 dwt chemical tankers for Seatankers Management, an affiliate of the Frontline group. Although details about the decision remain confidential, the state-run yard has said that it "is looking for suitable buyer who is interested to get the vessels built on profit sharing basis or on fixed cost basis".

AAGL, which maintains that main equipment for the vessels, such as engines and propellers is either already on order or have been received. It also adds that it is close to the halfway mark on hull construction for two vessels and has tae delivery of the steel to complete the entire project. It has scheduled delivery of the first vessel in December 2009, with each of the remaining vessels to be delivered every three months after that.

The yard is currently seeking partners to either buy the vessels (with the option of renting yard space in the event that they wish to complete construction themselves) or build the ships on a profit-share basis.   [26/08/08]