Norway-based shipping company Awilco LNG has said in its Q2 report that it anticipated a complete recovery of all costs related to the WilForce collision earlier this year.
LNG tanker WilForce (IMO 9627954) collided with bulk carrier Western Moscow (IMO 9855410) off Singapore on May 30th.
Awilco said that it had “a substantial claim towards the ship responsible for the collision and expects to collect same in due course.”
The company said that it recorded a net loss of $500,000 related to WilForce in Q2 related to a deductible and certain non-insurable costs, whereas a total of $1.1m in loss of hire claim had been recognized as other income in the three-month period.
Wilforce suffered hull damage when it was hit by Western Moscow. At the time, the Awilco ship was employed on a 9-to-12-month time charter contract. Due to the prolonged off-hire period required to repair the vessel the balance of the time charter contract was cancelled.
The vessel currently remained at yard in Singapore for repairs, which were expected to be completed in mid-September.
“Based on an assessment of facts and legal advice Awilco LNG holds the other vessel fully and completely liable for the collision, and the company expects to recover all costs, expenses and losses from the other party, including insurance deductibles, off-hire and lost time charter hire, in due course.”
The company said that the claim would not be reflected in its financial statements until the awarded compensation is determined.
2013-built, Norway-flagged, 102,315 gt Wilforce is owned by Wilforce LLC care of manager Awilco LNG ASA of Oslo, Norway. It is entered with Gard on behalf of Wilforce LLC. It is entered for H&M with Gard AS on behalf of Anders Wilhelmsen & Co.
2019-built, Panama-flagged, 25189 gt Western Moscow is owned by Sea Queen Shipping Corp care of Nisshin Shipping Co of Tokyo, Japan. It is managed by Ratu Shipping Co SA of Tokyo, japan. ISM manager is Victoria Ship Management of Manila, Philippines. It is entered with Japan Club on behalf of Sea Queen Shipping Corp.