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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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ES Group says it will retain bunker vessel after charterer 'defaulted' on contract

18 Sep 2017 06:02 GMT

Singapore group terminates contract and says vessel will no longer be transferred to charterer.



Shipbuilder ES Group (Holdings) Ltd has announced that the demise charter for the bunker vessel Sea Tanker I has been terminated with immediate effect from September 11.

In a statement, ES Group claims that charterer Sea Hub Tankers Pte Ltd "defaulted" on the five-year demise charter contract which was entered into between its wholly-owned subsidiary, ES Shipping Pte. Ltd. (ES Shipping), and Sea Hub Tankers on November 23, 2012.

According to ES Group, its subsidiary had agreed to demise charter the Sea Tanker I to Sea Hub Tankers for a monthly charter fee, with the bunker vessel ownership to be transferred to Sea Hub Tankers upon payment of full consideration at the end of the demise charter contract.

However, with the termination of the demise charter contract, ES Group says the ownership of Sea Tanker I will no longer be transferred to Sea Hub Tankers and will instead be retained by ES Shipping.

"The demise charter contract has been terminated with effect from 11 September 2017 with full reservation of ES Shipping's rights to claim any damages from Sea Hub Tankers," ES Group said.

"Barring unforeseen circumstances, the termination of the Demise Charter Contract is expected to have a material impact on the net tangible assets per share and the net earnings per share of the Group for the current financial year ending 31 December 2017," ES Group added.

Established in 1975, Singapore-based ES Group only recently created a new revenue stream from the chartering of the bunker vessel Sea Tanker I in 2012, with the company completing and delivering its first pair of bunker vessels in 2013.

ES Group operates out of its workshop and repair facilities in Singapore, and also owns a 70,000-square-metre shipyard with fabrication grounds in Thailand through its 50 percent-owned subsidiary.






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