GC Rieber Breaks Off Polar Onyx Deal

  • Business & Finance

Norway’s GC Rieber Shipping has terminated a charter agreement for the subsea vessel “Polar Onyx” by reason of Ceona`s default.

Namely, Ceona has provided security, by way of cash deposit in a Norwegian bank, equivalent to nine month`s hire, towards GC Rieber Shipping for the fulfillment of Ceona`s obligations under the charter agreement.

CG Rieber did not disclose weather Ceona is unable to make the required payments or are unwilling to honor the debt.

However, the company said it will seek to recover outstanding and future claims and losses through the established cash deposit.

In addition, GC Rieber Shipping will seek to recover excess amounts through Ceona.

The Polar Onyx was under charter to Ceona from GC Rieber Shipping for a fixed period of five years, with options for up to five additional years.

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