Malaysia's Nam Cheong terminates OSV charter with Japanese windfarm contractor

Malaysian offshore support vessel (OSV) operator Nam Cheong has reported the termination of a previously announced charter contract for one of its vessels to an undisclosed offshore wind farm contractor in Japan.

In a regulatory filing with the Singapore Exchange dated September 3, 2025, Nam Cheong said that, due to the unforeseen cancellation of the charterer’s downstream contract with its end user, the charterer has been unable to fulfill its obligations under the charter contract.

"Following the charterer's continued non-performance, the group has issued a notice of termination to the charterer, formally terminating the charter contract," said Nam Cheong. "While the charter contract did not progress to operational deployment, the charterer remains liable for certain contractual payments."

Nam Cheong added that it is, "actively exploring alternative deployment and chartering opportunities for the OSV to mitigate financial impact and assure optimal asset utilisation."

"The group reserves all rights to pursue recovery of outstanding sums and to seek any other remedies available under the charter contract and applicable laws," said Nam Cheong.