ITCL - Extension of Charters
Press release from Independent Tankers Corporation Limited 07.04.2009
In the end on March 2009, Front Voyager, Inc., a subsidiary of Frontline Ltd., has extended the charter party with Calpetro Tankers (Bahamas III) Ltd. for the single hull Suezmax tanker, Front Voyager, for one year from April 1, 2009 at an average daily bareboat rate of $4,988.
In April 2009, Chevron Transport Corporation chose not to declare the termination option for the double hull Suezmax tanker Altair Voyager, and the bareboat charter will continue until 2015. The bareboat rate averages approximately $13,900 per day in 2009, reducing to approximately $9,500 per day in 2015.
As a consequence of the charter extension with Chevron Transport Corporation, the charter coverage for the two double hull Suezmax tankers Altair Voyager and Cygnus Voyager is 100 percent until 2015. The third double hull Suezmax Sirius Voyager is 100 percent fixed until April 2011 with Chevron Transport Corporation.
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
April 7, 2009
Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 23 11 40 37
