ITCL - Extension of Charter
Press release from Independent Tankers Corporation Limited 16.07.2009
Independent Tankers Corporation Limited ("ITCL") is pleased to announce that BP Shipping Limited ("BP") has extended the charter for the VLCC British Purpose for one year after the fixed period ends in July 2010. The vessel will continue on a bareboat rate of $24,895 per day until the fixed period ends in July 2010, followed by a market rate with a minimum of $20,000 per day until July 2011.
As a consequence of the charter extension, the charter coverage for the four VLCCs with BP is 100 percent in 2009, 100 percent in 2010 and 30 percent in 2011.
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
July 16, 2009
Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management AS
+47 924 99 386
