World News
ES Group Announces Termination of Bunker Vessel Contract
ES Group (Holdings) Limited (ES Group) says that the Demise Charter Contract of the bunker vessel, Sea Tanker I with Sea Hub Tankers Pte. Ltd. (Sea Hub Tankers) has been terminated.
Under the five-year demise charter contract, which was signed on November 23, 2012 between ES Group subsidiary ES Shipping Pte. Ltd. (ES Shipping), and Sea Hub Tankers, ES Shipping had agreed to demise charter the bunker vessel to Sea Hub Tankers for a monthly charter fee.
The ownership of Sea Tanker I was to be transferred to Sea Hub Tankers upon payment of full consideration at the end of the Demise Charter Contract.
"The Board wishes to update that Sea Hub Tankers has defaulted on the Demise Charter Contract and the Demise Charter Contract has been terminated with effect from 11 September 2017 with full reservation of ES Shipping's rights to claim any damages from Sea Hub Tankers," stated ES Group.
"With the termination of the Demise Charter Contract, the ownership of Sea Tanker I will no longer be transferred to Sea Hub Tankers and will be retained by ES Shipping."
ES Group says the termination of the contract is expected to have a material impact on the net tangible assets per share and the net earnings per share of the group for the current financial year ending December 31, 2017.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 644.50 | 2.50 | 765.00 | 14.00 |
| Rotterdam | 607.50 | 0.50 | 764.50 | 24.50 |
| Houston | 632.50 | 4.00 | 807.50 | 5.00 |
| Fujairah | 650.50 | 1.00 | 882.50 | 6.00 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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