Diavaz-Oceanteam terminates bareboat charter contract
On 15 February 2018, in light of the current state of the market, DOT Shipping (a joint venture between Diavaz and Oceanteam) and Pacific Radiance Ltd have mutually agreed to terminate agreements, which were entered into on 9 October 2014, for purchase and bareboat chartering of the vessel Tampamachoco 1 (T1) without further liability to Diavaz-Oceanteam.
DOT Shipping was a party to a bareboat charter agreement for the T1 with the joint venture company DOT Radiance Pte Ltd (“DOT Radiance”). DOT Radiance was a party to a memorandum of agreement with Pacific Crest for the purchase of vessel Tampamachoco 1.
As a result, Oceanteam will write in its accounts 2017 the investment in the vessel and structure of total USD 6.5 million.
DOT Shipping will however continue to explore opportunities to strengthen its presence in the Mexican and other key strategic markets.
With reference to the press releases dated 16 December 2016 and 1 October 2014: