Pacific Radiance's joint venture, client terminate charter contract

Pacific Radiance (vessel Crest Centurion 1 pictured) said its joint venture company DOT Radiance and its client had mutually terminated a charter contract. PHOTO: PACIFIC RADIANCE

SINGAPORE - Offshore support solutions provider Pacific Radiance announced that its joint venture (JV) company DOT Radiance and the JV's client have mutually terminated a charter contract without liability.

In November 2014, Pacific Radiance had announced that it had secured a long-term charter contract worth over US$140 million, including extension options, for one of its vessels ahead of the expected delivery in 2016/17. The contract was secured by DOT Radiance. On Dec 2, 2016, DOT Radiance and the charterer agreed to defer delivery of the vessel under the charterparty to Dec 31, 2017.

Pacific Radiance said in a filing to the Singapore Exchange on Feb 15: "The group has not recognised any revenue in respect of the mutually terminated charter contract. The group remains committed to staying relevant to market demands, and will continue to explore opportunities to strengthen its presence in the Mexican and other key strategic markets."

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