Altera Shuttle Tankers has revealed it is in talks to resolve a charter dispute involving one of its vessels.
The 154,000-dwt Bossa Nova Spirit (built 2013) is currently operating off Brazil.
Altera, the Brookfield-owned former Teekay Shuttle Tankers, said that in May its unnamed client told the company it considered the ship off-hire from March until early July, due to certain unspecified "specification" issues.
Discussions over the disputed 100 days in the contract are ongoing, it added.
Altera has been contacted for further information.
The company also announced a net profit of $27.1m in the second quarter, up from $18.1m in 2019.
Revenue grew to $138m, against $137m.
The result lifted the six month profit to $4.4m, down from $36.8m a year ago.
As at 30 June, the company had a working capital surplus of $171m.
Its primary liquidity needs for the next twelve months are to pay existing committed capital expenditures related to the shuttle tanker newbuild programme, scheduled debt repayments, debt service costs and operating expenses and dry-docking expenditures.
Newbuild bills due
Total future contractual obligations for new ships are $468m, including $294m in the rest of 2020.
It has one newbuilding yet to finance.
Looking ahead, the shipowner said it should continue to generate strong cash flow during 2020 and 2021.
"The company may enter into joint ventures and partnerships with companies that may provide increased access to charter opportunities," it said.
Altera has 26 vessels that operate under fixed-rate contracts of affreightment and bareboat deals.
