Ezra hit with another $4.45m ECS claim, and two bareboat charter terminations

Singapore-listed Ezra said it had received a demand from Serimax North America for $4,451,307 that is due and owing by Ezra as guarantor to a Promissory Note between Serimax and ECS on 16 March 2016. ECS is a joint venture 40% owned by Ezra.

Meanwhile two bareboat charter vessel contracts with Ezra subsidiary EOL have been cancelled by the owners. The charter on the Lewek Toucan was terminated by Seabird Penguin Offshore and the vessel Lewek Pelican by Seabird Pelican Offshore .

In both cases Ezra and EOL issued a deed of guarantee and indemnity and the owners are claiming the charter hire for the remaining period, return of the vessels, and damages arising from termination of the charters.

“The company is seeking legal advice in respect of the Toucan Notice of Termination, the Pelican Notice of Termination and the Serimax Demand and is assessing the impact of these on the group,” Ezra said.

Ezra has already been hit by a hefty claim amounting to $194.5m relating to it acting as guarantor for EO under a sale and leaseback arrangement over the pipe-lay vessel Lewek Champaion with China’s ICBC Financial Leasing Co.

It is also facing claims made by the solicitors of VT Halter Marine (VTH) and Forland Subsea of $3.21m and $3.1m respectively. In both cases, Ezra is the guarantor for its joint venture firm ECS.