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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
Back to top button