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ITCL - Termination of Charter

Press release from Independent Tankers Corporation Limited 07.01.2010


ITCL - Termination of Charter

 

Independent Tankers Corporation Limited ("ITCL") announces that Front Voyager Inc., a subsidiary of Frontline Ltd., has given irrevocable notice to ITCL's subsidiary, CalPetro Tankers (Bahamas III) Limited ("Bahamas III"), of termination of the bareboat charter for the single hull vessel Front Voyager. The termination will take effect April 1, 2010. Front Voyager Inc. is required to pay a termination fee calculated in accordance with the bareboat charter, which will enable Bahamas III to satisfy its estimated obligations. The vessel will continue on an average bareboat rate of $4,988 per day until April 1, 2010 and management will, in line with the requirements of the bond indenture, seek alternative employment or try to sell the vessel.

 

 

The Board of Directors

Independent Tankers Corporation Limited

Hamilton, Bermuda

January 7, 2010

 

Questions should be directed to:

 

Bengt Neteland: Vice President Finance, Frontline Management AS

+47 924 99 386

 


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