Ocean Yield cancels ethylene carrier at Sinopacific

Ocean Yield cancels ethylene carrier at Sinopacific

Norway’s Ocean Yield has cancelled one of three liquefied ethylene gas carriers under construction at China’s Sinopacific Offshore & Engineering.

The move by Ocean Yield was forced due to Sinopacific’s filing for receivership earlier this year after a failed acquisition by CIMC Enric. Construction of the other two vessels will go ahead, with the first due for delivery by Sinopacific at the end of this month and the second, financed by Sumec Marine, will have a delayed delivery in July 2017.

Ocean Yield will receive a refund of its pre-delivery instalments for the third vessel, secured by a bank guarantee, to the tune of $16.2m plus interest.

Ocean Yield had ordered the three 36,000 cbm vessels for bareboat charters with Germany’s Hartmann Group for 10-year sub-charters to SABIC Petrochemicals.

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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