GC Riber Shipping Announces Cancellation of New Build 7037
Wednesday, Jul 01, 2009
New build 7037, which was ordered in May 2008 by Polar Marine I Pte Ltd, a 51/49 joint venture between GC Rieber Shipping and Otto Marine, has been cancelled due to significant delays.
The cancellation, which has been put forward by Polar Marine I in accordance with the contractual terms, is disputed. Polar Marine I is confident that the contract is rightfully cancelled.
The interim payment made by GC Rieber Shipping is covered by a refund guarantee, and thus the cancellation will have no negative financial impact for GC Rieber Shipping.
Source: GC Rieber Shipping
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