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ITCL - Notice of Non-binding Charter Termination - M.T. Phoenix Voyager

Press release from Independent Tankers Corporation Limited 11.06.2012


Independent Tankers Corporation Limited (the "Company") announces that Chevron Transport Corporation ("Chevron") has given nine months non-binding notice of termination for the bareboat charter for the VLCC Phoenix Voyager.  Six months binding notice of termination has to be given by Chevron in September 2012 for the termination to take effect in March 2013. The vessel currently earns a bareboat rate of $28,500 per day.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
June 11, 2012

Questions should be directed to:
Magnus Vaaler, Vice President Finance, Frontline Management AS
+47 23 11 40 00

Forward Looking Statements

This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including the Company's management's examination of historical operating trends. Although the Company believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, the Company cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in this press release include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in the Company's operating expenses including bunker prices, drydocking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the Norwegian over-the-counter market in Oslo.


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