ERRIA AS Canceled Last Newbuilding Contract with Rushan Shipyard (China)

ERRIA AS  has canceled the last newbuilding contract with Rushan Shipyard Co. Ltd, as a part of the company’s reconstruction policy.

Previously, Erria AS concluded contracts for delivery of three new chemical tankers with the Chinese shipyard Rushan Shipyard Co. Ltd. in Rushan. The construction contract for the first newbuild vessel was canceled in 2009 and the second in December 2011. With this third cancellation of the vessel under construction, that was supposed to be delivered in May 2012, Rushan Shipyard Co. Ltd. could expand the current or initiate a new arbitration against Erria AS.

The shipyard started arbitration against Erria AS in London to resolve the legality of the cancellation of newbuilding contracts. Erria AS has together with Danish Bank (as assignee of Erria AS’s rights under the construction contract) raised a counterclaim against the shipyard for repayment of the Group’s prepaid installments paid during the construction contract.

Until today, the parties exchanged charges, defenses and rejoinders.

Shipbuilding Tribune Staff, April 24, 2012; Image: rszc

Share this article

Follow World Maritime News

Posted on April 24, 2012

In Depth>

Events>

<< Jul 2016 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

SEATRADE CRUISE MED 2016

The conference is a leading platform for discussion and debate on issues confronting the cruise industry in the Mediterranean and its adjoining seas…

read more >

SMM 2016

SMM Hamburg 2016 is the leading international forum of the maritime industry.SMM offers the unique chance for exhibitors and trade visitors…

read more >

5th Annual Salvage & Wreck Asia Conference

Hear industry leaders debate:
• Combating piracy in South Asia
• Preparing for industry growth in the cruise ship sector…

read more >

Global Liner Shipping Asia Conference

Alliances analysed – will changes have a positive or negative impact on the industry?
Lloyd’s List/Containerisation International Business Briefing…

read more >