Emas Offshore has been given a notice of termination for the bareboat charter of the pipe lay construction vessel “Lewek Champion” by Hai Jiang 1401, the vessel-owning unit of ICBC Financial Leasing.
The vessel has been detained by Huisman Equipment B.V. in Xiamen, China since February 18, 2017.
Emas Offshore has defaulted to make payment of around US$1.6 million payable under the bareboat charter. In addition, EMAS Chiyoda Subsea (ECS), being the sub-sub-charterers of Lewek Champion, has filed for Chapter 11 under U.S. Bankruptcy Code.
Furthermore, the ICBC also made a claim against Ezra Holdings, as guarantor to the bareboat charter, and demanded a payment of the termination sum of approximately US$194.5 million within fifteen business days from the date of the notice of termination.
In addition, Joshua James Taylor and Yit Chee Wah of FTI Consulting are said to have been appointed by the vessel owner as the joint receivers and managers of certain assets of the charterer.