Glenda reimbursed for SLS tankers.
D'Amico Societa di Navigazione, the Milan-listed tanker company, confirmed that Glenda International, its 50-50 joint tanker venture with Glencore, had received $87.4m from South Korea"s Kookmin Bank as repayment of monies forwarded for the construction of three 51,000 dwt product/chemical tankers at SLS Shipbuilding.
The reimbursement, of which Glenda will retain $33.9m after payments to the financing bank, follows a decision for DIS by arbitrators in London based on the failure of SLS to deliver on time. A similar dispute over a fourth vessel is due to be decided soon.
Separately, Glenda has agreed to transfer to DIS two medium range tankers currently under construction at Hyundai. Two other tankers, of 74,000 dwt, had been acquired by Singapore-based ST Shipping and Transport.
The price of the tankers acquired by DIS had been reduced from $50.5m per vessel to $45.7m, while Hyundai had agreed to increase their size from 46,000 dwt to 52,000 dwt. The vessels would be delivered in the first quarter of 2012, roughly a year later than originally scheduled and at no extra cost.
DIS chief executive Marco Fiori expressed satisfaction at the moves ? which, reimbursements aside, would reduce the company"s capital commitments by $10m - after a difficult year which has asked serious questions of the company"s operating and financial strategy.