03-08-2015, 07:34 PM
Times are very hard... very very hard... dun play play better start to pray just like Mr MC Hammer:
https://www.youtube.com/watch?v=2Yo5HZuDxjY
https://www.youtube.com/watch?v=2Yo5HZuDxjY
(28-05-2015, 09:25 AM)CityFarmer Wrote: What catch my attention, is the detail of the contract, very favorable to shipowner. It shows how desperate of cosco for the contract...
(not vested)
Cosco unit to extend delivery deadline for two remaining PSVs to US customer
SINGAPORE (May 28): Cosco Corporation (Singapore) ( Financial Dashboard) said a US ship owner and Cosco Guangdong have mutually agreed to extend the delivery dates of two PSVs, originally scheduled for delivery in early 2014, until 30 June 2016.
On March 22, Cosco announced the signing of contracts by Cosco (Guangdong) Shipyard Co. with the US customer for the construction of four UT 771 CDL Platform Supply Vessels (PSVs) for over US$105 million in total.
Two of the PSVs were completed on 15 December 2014 and 17 February 2015 respectively.
To date, the construction of the two PSVs has also been significantly completed.
Under the new agreement, the shipowner can elect to take delivery of any one or both of the completed PSVs at any time prior to 30 June 2016 or “such date may be further extended by mutual agreement of the parties”.
Cosco said if the shipowner does not take delivery of either of the remaining PSVs, Cosco Guangdong will refund to the shipowner the instalments paid on the PSV of US$5.4 million per vessel together with interest.
The shipowner will also relieved of the obligation to pay to Cosco Guangdong the remaining payment under the shipbuilding contract.
Cosco closed 0.5 cent lower at 5.25 cents yesterday.
http://www.theedgemarkets.com/sg/article...s-customer