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Sevmash has to pay $43m fine

Sevmash has to pay $43m fine
The Russian shipyard Sevmash?s failure to deliver 12 chemical tankers to Norwegian shipping company Odfjell and the 43 million dollars the shipyard was fined to pay.

The Russian shipyard Sevmash"s failure to deliver 12 chemical tankers to Norwegian shipping company Odfjell and the 43 million dollars the shipyard was fined to pay.

The Russian shipyard Sevmash"s failure to deliver 12 chemical tankers to Norwegian shipping company Odfjell and the 43 million dollars the shipyard was fined to pay, is a valuable lesson for Russian shipbuilding industry, says Russian web site. When Sevmash concluded the agreement with Odfjell, several miscalculations were made regarding the costs and complicity of the project. Chemical tankers had never been built in Russia before, and Sevmash therefore lacked the needed experience in this type of projects.

In 2005, at the same time as construction of the first tanker started, Sevmash was also involved in several other large projects; modernization of the aircraft carrier ?Admiral Gorshkov? for the Indian Navy, construction of the first Borey-class nuclear submarine and construction of the drilling platform ?Prirazlomnaya?.

All these orders made the shipyard have to prioritize, and taking into account all the complications with the Odfjell order, the shipyard probably chose to concentrate on domestic commissions first.

In spite of the 90 million USD prepayment and bank credits Sevmash has to pay back, and the 43 million USD fine, some good has come out of the history with Odfjell, the web site reads. Sevmash has decided to continue construction of the tankers, and will therefore be the first Russian yard to have such experience. Russia will get its own fleet of modern chemical tankers, which will be needed when development of the Shtokman gas field starts.

www.TurkishMaritime.com.tr

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