Triyards Loses Another Chemical Tanker Order

Financially-troubled shipbuilder Triyards Holdings Limited has received a termination notice for a chemical tanker design and construction deal.

The termination covers the USD 25.5 million shipbuilding deal dated June 26, 2015 and the addendum dated May 10, 2017 agreed between the shipbuilder the the buyer.

The buyer of the chemical tanker, which delivered the notice of termination to Triyards’ subsidiary, Saigon Offshore Fabrication and Engineering Limited (SOFEL), will claim for the reimbursement of all sums paid in advance on account of the contract in an amount of USD 5.1 million.

Triyards informed that it is assessing the financial impact of the termination notice and the termination of the contract.

In late 2017, the Singapore-listed shipbuilder received termination notices related to two chemical tankers. The shipbuilding contracts, dated June 26, 2015 and the addendum dated May 10, 2017, had an aggregate contract value of USD 51 million.

In mid-February 2018, Triyards entered into an exclusivity and short-term loan agreement for an amount of up to USD 5 million with Ferrell Vanguard Fund SPC to meet working capital needs including outstanding salary payments in Singapore and Vietnam

The first tranche of USD 1.2 million was disbursed immediately to settle outstanding salary payments in Vietnam, while the remaining USD 3.8 million is yet to be received due to technicalities and documentation.

Under the terms of the EA, Ferrell Vanguard Fund SPC will have an exclusivity of 180 days commencing from the receipt of the entire USD 5 million under the loan agreement to conduct satisfactory due diligence, propose and conclude a comprehensive corporate restructuring plan for the company.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2018 >>
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

TRANSTEC 2018

TRANSTEC 2018 welcomes participants to explore Russian Ports and Shipping development opportunities…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

SMM 2018

This is a must-attend event – a unique opportunity to meet key players, display business strengths, establish new contacts and exchange…

read more >