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Time charter contract can't be met

Time charter contract can't be met
Golden Ocean has announced that Trustworth Shipping from Singapore has ?failed to [honour] its obligations as charterer of a ten year time charter contract.

Golden Ocean has announced that Trustworth Shipping from Singapore has ?failed to [honour] its obligations as charterer of a ten year time charter contract.

John Fredriksen-controlled Golden Ocean has announced that Trustworth Shipping from Singapore has ?failed to [honour] its obligations as charterer of a ten year time charter contract on a newbuilding capesize vessel named MV Golden Future?. The vessel is scheduled to be delivered from Jinhaiwan Shipyard in China to Golden Ocean by the end of January 2010.

Golden Ocean reported that following detailed negotiations with Anil V Salgaocar on behalf of Trustworth and its guarantor Salgaocar Mining Industries of Goa, the vessel was chartered on 2 February 2008 by Golden Ocean to Trustworth for a period of 10 years at a rate of $40,500 per day. ?The charterers and the guarantors have recently without justification refused to take delivery of the vessel, stating that there is no contract or guarantee in existence, which is contrary to all oral and written communication leading up to, concluding and subsequent to the agreement,? Golden Ocean said in a statement.

Golden Ocean will now likely enact legal proceedings against the Singapore firm. Meanwhile, the ship will be put on the spot market.

www.TurkishMaritime.com.tr

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