Vard Promar delivers its first ship

JANUARY 11, 2016 — Singapore listed shipbuilder Vard Holdings Limited, which is a 55.63% owned subsidiary of Fincantieri, reports that the first vessel was delivered January 8 from its newest shipyard, Vard Promar in Brazil.

The vessel, a 7,000 cu.m fully pressurized Liquefied Petroleum Gas (LPG) carrier, is the second in a series to be delivered to Petrobras Transporte S.A. (Transpetro), and the first to be built entirely at and delivered from Vard Promar. As we reported last month (see story) the series originaly comprised eight vessels, but Transpetro has now canceled the orders for the last two ships.

Vard says that the delivery marks an important milestone in the development of the new shipyard, and for its operations in Brazil.

Vard’s Brazilian operations have been problem plagued and the company has been reviewing its overall exposure to the Brazilian market.