GC Rieber Shipping - Cancellation of New Build 7037

01.07.2009

New build 7037, which was ordered in May 2008 by Polar Marine I Pte Ltd, a 51/49 joint venture between GC Rieber Shipping and Otto Marine, has been cancelled due to significant delays.

The cancellation, which has been put forward by Polar Marine I in accordance with the contractual terms, is disputed. Polar Marine I is confident that the contract is rightfully cancelled.

The interim payment made by GC Rieber Shipping is covered by a refund guarantee, and thus the cancellation will have no negative financial impact for GC Rieber Shipping.

GC Rieber Shipping