Charter Party changes for Volstad Maritime ships
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Volstad Maritime AS and its related operating companies, Grand Canyon Operation A/S, and Grand Canyon Operation 2 A/S, have agreed to revise their current Charter Agreements with Canyon Offshore, Ltd., the robotics subsidiary of Helix Energy Solutions Group, for three vessels: Grand Canyon, Grand Canyon 2 and Grand Canyon 3.
The revised agreement for the Grand Canyon provides for a reduction of charter rates in return for a two years extension to the term of the charter, and the revised agreement for the Grand Canyon 2 provides for a reduction of charter rates in return for a one year extension to term of the charter.
With respect to Grand Canyon 3 due to be delivered May 1, 2016, the parties have agreed to a reduction in charter rates, as well as a delayed activation and a cold stack period of one year, in return for a two years extension to the term of the charter. After delivery, the vessel can still be activated at any time with on short notice.
Both parties believe that the recent agreements are positive steps in the current market environment and provide real cost savings, vessel supply reduction, and efficiencies in the near term, with benefits in the future as the market demand recovers.
