Ceona Defaults on Polar Onyx Payment
Friday 4 September 2015
Ceona the UK Subsea contractor has reportedly defaulted on a payment under the vessel charter for the Polar Onyx construction vessel. GC Rieber has announced the charter agreement, signed in March 2014, has now been terminated.
In March 2014, GC Rieber Shipping entered into a five-year time charter agreement with Ceona Chartering (UK) Ltd (Ceona) for the subsea vessel "Polar Onyx". GC Rieber Shipping has now terminated the charter agreement by reason of Ceona`s default.
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. GC Rieber Shipping 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.