Exmar seeks new employment for small FSRU as Gunvor terminates charter deal

Belgium-based shipowner Exmar will now start marketing activities to find a new job for its 2017-built FSRU after trader Gunvor terminated a long-term charter deal.

To remind, Exmar chartered the 26,000-cbm barge-based FSRU S188 to Gunvor in 2018 for a period of 10 years to serve its clients in Bangladesh.

However, Gunvor started arbitration in 2019 with respect to the execution of the charter deal with Exmar. After years of dispute, Exmar has last week revealed an initial ruling in the company’s favor.

The Antwerp-based shipping firm said on April 26 it received an interim award as a part of the dispute for the 120 meters long FSRU with a capacity of 600 mmscfd.

“The tribunal has issued a partial final award on two preliminary issues rejecting Gunvor’s application for declaratory relief,” Exmar said.

Following the decision, Exmar said four days later in a statement it received a notice of early termination from Gunvor for the disputed FSRU.

As a result of the early termination, Exmar said it has secured a fee equal to two years hire of the barge-based unit.

In addtion, the firm said it would now start marketing the FSRU for re-employment and provide further details in “due course.”

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