Transpetro Scraps Order for Two LPG Carriers

Image Courtesy: Transpetro

Tanker shipping company Petrobras Transportes S.A. (Transpetro), a logistics arm of Brazilian state-run energy group Petrobras, has terminated the contracts for two Liquefied Petroleum Gas (LPG) carriers on order from Vard Promar S.A., a 50.5% owned indirect subsidiary of Vard Holdings.

The vessels in question are the last two of a series of eight LPG carriers originally contracted in June 2010, for delivery from Vard Promar between 2014 and 2016, Vard said. The combined contract value for the series of eight vessels was USD 536 million.

The reasons behind the company’s decision to terminate the contract have not been revealed.

“Construction of the two vessels is at a very early stage. 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 in a stock exchange filing.

As a result, Vard said it would claim compensation from Transpetro for damages in relation to the terminated contracts.

However, as disclosed the contract termination is not expected to have a material effect on the earnings per share of the group for the financial year ending 31 December 2015.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2017 >>
MTWTFSS
28 29 30 31 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 1

INMEX SMM India 2017

Combining the forces of Maritime industry’s two biggest events, the unified edition of INMEX SMM India brought together the most exclusive…

read more >

LIQUEFACTION OF BULK CARGOES SEMINAR

GET TO GRIPS WITH:
– Mechanisms behind liquefaction
– Guidelines and regulations for bulk cargoes prone to liquefaction…

read more >

Seatrade Offshore Marine & Workboats Middle East

The largest event for offshore marine and workboat sectors in the region, Seatrade Offshore Marine & Workboats Middle East will, once again, serve as a meeting point for international industry professionals to come together and do business. Our 2017 show promises a wealth of networking opportunities, high-level discussions in our conferences on important industry trends, […]

read more >

The Future-Ready Shipping Conference 2017

The Future-Ready Shipping Conference 2017 – the joint Singapore-IMO International Conference on Maritime Technology Transfer and Capacity-Building…

read more >