Transpetro Crosses Off Seven Newbuilding Orders

Transpetro Brazils oil and gas transportation company Transpetro, a subsidiary of Petrobras, has decided to abandon orders for seven tankers which were placed at its compatriot shipbuilder Atlantico Sul Shipyard (EAS), local media reported. Valued at USD 1.22 billion, the orders were for the construction of four Suezmax and three Aframax vessels. Furthermore, the company said that the parties reached a closure of the existing contractual disputes. The company also agreed with the shipbuilder to maintain the existing contracts for three Suezmax vessels and five Aframaxes, which are scheduled to join their owner by the end of 2019. Under the initial deal, signed in 2008, Transpetro was scheduled to receive 22 vessels until 2016, however, due to a number of delays, the company took delivery of only seven vessels. The newbuildings are a part of Petrobras fleet modernization program Promef, under which the company ordered some 50 ships. World Maritime News Staff