Sea Hub Tankers Defaults on Sea Tanker I Demise Charter Contract

ES Shipping, a subsidiary of Singapore’s ES Group, has terminated the demise charter contract with compatriot Sea Hub Tankers Pte for the bunker vessel Sea Tanker I.

Under the five-year demise charter contract entered into in November 2012, after the ship was delivered from the yard, ES Shipping had agreed to demise charter 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 charter contract.

As informed, Sea Hub Tankers has defaulted on the contract, which has been terminated with effect from September 11, 2017.

ES Shipping added it reserves the rights to claim any damages from Sea Hub Tankers resulting from the termination.

“With the termination of the demise charter contract, the ownership of Sea Tanker I will no longer
be transferred to Sea Hub Tankers and will be retained by ES Shipping,” the company said.

ES Group added that the contract termination is expected to have a material impact on its net tangible assets per share and the net earnings per share for the current financial year ending December 31, 2017.

Sea Hub Tankers has three vessels listed in its fleet, Sea Tanker I, Sea Tanker II and Sea Tanker.

Separately, ES Group said that it has established two subsidiaries in Singapore engaged in chartering and freight water transport activities.

The two chartering subsidiaries are ES Chartering, 100% held by the company, and ES Aspire, 100% held by ES Chartering.

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