Cosco Corp suffers newbuild cancellations

Cosco

The subsidiary yards of Cosco Corporation (Singapore) Limited have been hit by contract cancellations and delivery deferment.

Cosco (Nantong) Shipyard announced it has been informed by its client, an unnamed Singapore entity, that it will cancel a contract for a floating accommodation unit (FAU).

The contract, signed in June 2013, was for the conversion of two semi-completed hulls to high-end FAUs valued at $170m each, with deliveries scheduled in 2015. Cosco Corp said the shipowner has “breached the agreement by unilaterally terminating the contract during the extension period and that the new terms proposed by the shipowner were not acceptable to Cosco Nantong”.

Cosco Nantong ultimately decided to accept the shipowner’s contract breach and has taken steps to negotiate with the shipowner with a view of obtaining compensation for the loss suffered.

Cosco Corp’s Cosco (Qidong) Offshore was also hit by a contract cancellation over the construction of a FAU ordered in September 2014 by the same Singapore entity.

The newbuild was originally scheduled for delivery in the first quarter of 2017, and extended by mutual agreement to the second quarter of 2017.

Separately, Cosco Qidong and Norway’s Prosafe have mutually agreed to extend the delivery date of one of two semi-submersible accommodation vessels, namely Safe Eurus, originally scheduled for delivery in 2016 until 31 December 2019.

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