Awilco LNG has announced that the charterer of its 2013-built LNG carrier WilForce has decided to cancel the remaining period of the time charter contract due to the prolonged off-hire period required to repair the vessel.
The vessel was involved in a collision incident with another vessel off Singapore earlier this month.
At the time the incident happened, the vessel was employed on a nine to 12 month time charter contract which commenced in September 2018.
The vessel has loss of hire insurance in line with market rate levels which compensates for most of the lost time charter hire.
According to Awilco LNG, the collision only caused hull damage. The vessel is currently at a yard in Singapore for repairs set to be completed by early September. It is expected to be available for new chartering opportunities ahead of the seasonally stronger northern hemisphere winter period.
“To reiterate, based on a preliminary assessment of facts Awilco LNG holds the other vessel fully and completely liable for the collision, and the Company expects to recover all costs and expenses, including insurance deductibles, off-hire and lost time charter hire in due course,” Awilco LNG said in a release.