The National Shipping Company of Saudi Arabia (NSCSA) announces that RWE Supply & Trading GmbH, which had time-chartered Very Large Crude Carrier (Harad) for three years expiring on 24th April 2013, wanted to terminate the time-charter contract on 21st April 2012 and redeliver the vessel.
It was agreed by both parties to end the time charter contract and RWE Supply & Trading GmbH pays compensation to NSCSA of about USD 6,186,250 (Equivalent of SAR 23,198,437) which were received by NSCSA on 2nd April 2012 and will be recognized as profit in 2nd quarter of the FY 2012.
[mappress]
Source: NSCSA, April 3, 2012