EMAS Chiyoda Subsea buys time from Forland Shipping

EMAS Chiyoda Subsea buys time from Forland Shipping

Norway’s Forland Shipping, the owner of subsea vessel Lewek Inspector, has said it has reached a temporary agreement with EMAS Chiyoda Subsea for the vessel to complete an ongoing project offshore Congo.

Last week, Forland said that the Singapore company had defaulted on the charter of the ship and was unable to settle the outstanding amount citing “financial distress”.

The Lewek Inspector was built in 2013, and has been on charter to EMAS ever since. It is expected to complete its latest project offshore Congo during January 2017, and it is so far unclear the fate of the vessel after that.

Another Oslo-listed firm, Ocean Yield, revealed last Friday that EMAS Chiyoda Subsea has sought a short-term standstill agreement relating to the bareboat charter of the Lewek Connector for December and January.

Both of the charters are guaranteed by Singapore’s Ezra Holdings which holds a 40% stake in the JV. Japan’s Chiyoda Corporation holds a 35% stake while NYK holds a 25% stake.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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