IOC's Paradip Haldia pipline delayed

VLCCs discharging on A/C IOC at East Coast of India are to enjoy demurrage trade for some time to come.

Heavy sea and swell have put a hold on IOC's Paradip-Haldia crude pipeline project till September this year. The project was originally scheduled for completion by March, 2006 has now been delayed by 20 months.

Frustrated company management sacked the original contractor in hope to get the work done (in time??) soonest thru Australian contractor but so was not to be. Early onset of monsoons this year has left IOC management biting their nails as their move to change contractor has not yielded desired results and they continue to pay hefty demurrage claims and TC hire to several Afras employed for STS operations.

Ribbon cutting ceremony as per the new deadline of November, 2007 still remains a knotted question, as IOC is already working on timechartering Afras for extended period bss following:

IOC - AFRA FOR COASTAL TC - DELY/REDELY ECI - 11-15 AUG - UPTO NOV' 07 + 1M + 1M + 1M +/- 15 DAYS CHOPTION.
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PS. Mercator Tanker Sadanand has been fixed at USD21k pdpd for above.