Norwegian shipbuilder Vard has been given notifiation from Petrobras Transportes (Transpetro) terminating the contracts of two LPG carriers ordered from Vard’s Brazilian indirect subsidiary Vard Promar.
The two vessels are part of an order for eight newbuilds signed in June 2010 at a total contract value of $536m.
Vard say that construction of the two vessels is at a very early stage and that it intends to claim compensation from Transpetro for damages. It also revealed that it is currently reviewing its overall exposure to the Brazilian market.
