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    GC Rieber Shipping cancels contract after Ceona defaults

    Company News // September 4, 2015

    GC Rieber has terminated Ceona's charter for Polar Onyx.

    GC Rieber Shipping has terminated a charter agreement for one of its vessels, Polar Onyx, after the charterer, Ceona Chartering (UK) Ltd, defaulted on the deal.

    The companies entered into a five-year time charter agreement for the subsea vessel in 2014.

    GC Rieber Shipping said Ceona had provided security, by way of cash deposit in a Norwegian bank, equivalent to nine month's hire, towards the fulfillment of its obligations under the charter agreement.

    GC Rieber Shipping said it will seek to recover outstanding and future claims and losses through the cash deposit.

    In addition, GC Rieber Shipping will seek to recover excess amounts from Ceona.

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