Norway's IM Skaugen (IMS) is handing back a chartered LPG/ethylene carrier as part of its refinancing deal with banks and bondholders.
The company said a consensual termination and redelivery agreement has been reached with Gasmar, the owner of an 8,556-cbm ship, the Norgas Petaluma (built 2003).
This will take place following the completion of its current voyage in December.
Gasmar will enter into a beneficial new longer-term charter for the vessel, trading in an area and with a cargo which is not in competition with Skaugen's Norgas Pool, which focuses on charters of less than 12 months in duration.
