Sovcomflot’s problems have worsened after a South Korean shipyard, (DSME), cancelled an order for an ARC7 ice-class LNG carrier, says an article published in Riviera.
Membrane technology
DSME announced the cancellation of the LNG carrier order in a stock exchange report last week.
Novatek, the operator of the huge Arctic LNG 2 project in northern Siberia, had a long-term charter for the ice-class LNG carrier.
The 300-meter vessel, designed by Zvezda with Samsung Heavy Industries as a technical partner, was expected to feature a 172,600-m3 capacity tank employing GTT’s Mark III membrane technology.
Equity sanctions
The vessel in question is one of three LNG carriers ordered by DSME, with delivery dates set for February, April, and July 2023.
Sovcomflot’s LNG orderbook consists primarily of ARC7 vessels ordered at Rosneft’s Zvezda shipyard in Russia, as well as three tankers ordered at Hyundai Samho Heavy Industries in South Korea for charter to oil firm TotalEnergies.
However, following Russia’s war in Ukraine, the European Union and the United States slapped debt and equity restrictions on the enterprise, putting it under strain.
Forced sale
Sovcomflot has been forced into a fire sale to repay its debt, selling over a dozen ships ahead of an EU deadline for sanctions.
The operator sold five tankers to Dubai-based Koban Shipping and four LNG carriers to Singapore’s Eastern Pacific Shipping, according to the Wall Street Journal.
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Source: Riviera
