Emas Offshore PSV contract terminated by Standard Chartered

Emas Offshore PSV contract terminated by Standard Chartered

Singapore offshore firm Emas Offshore, part of Ezra Holding, has announced that it has received a notice of termination from Marina Aquata Shipping over the bareboat charter of the platform supply vessel Lewek Avior.

The original contract was signed in April 2011 and Ezra Holdings, currently restructuring under chapter 11, is a guarantor.

Marina Aquata Shipping has alleged that various termination events and breaches of material obligations and representation or warranty of the charter caused by Emas Offshore and Ezra have occurred and are continuing. Marina Aquata Shipping has also demanded reimbursement from Emas Offshore.

Currently Emas Offshore and Ezra Holdings are seeking legal advice and assessing the impact of the contract termination.

Marina Aquata Shipping is a SPV company owned by Standard Chartered Bank. In December 2017, another three SPVs of the bank, Marina Morganite Shipping, Marina Moss Shipping, and Marina Tanzanite Shipping cancelled three Emas Offshore vessels Lewek Ariel, Lewek Lynx and Lewek Alkaid for similar reasons.

Emas Offshore is in the middle of a restructuring process, and has found two white knight investors prepared to inject fund to keep the company afloat.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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