ITCL - Company Update and Annual Report 2009
(Thomson Reuters ONE) -
Independent Tankers Corporation Limited ("ITCL" or the "Company") announces that
on March 12, 2010 Dresdner Kleinwort Leasing gave notice of termination for the
UK tax lease agreement for the VLCC British Purpose. The leasing agreement will
be terminated on July 15, 2010. At December 31, 2009 the obligation under the
lease was $69.9 million and the termination is cash neutral for the Company. The
Company will acquire the vessel concurrent with the lease termination and the
existing bareboat charter to BP Shipping Limited will remain in place.
On March 22, 2010 Chevron Transport Corporation chose not to declare the
termination option for the double hull Suezmax vessel Sirius Voyager and the
bareboat charter will, therefore, continue until April 1, 2015.
On March 23, 2010 a subsidiary of ITCL agreed to sell the single-hull Suezmax
vessel Front Voyager to an unrelated third party for a net sales price of $8.3
million. Delivery to the new owner took place on April 8, 2010. The subsidiary
will have a total of $7.8 million in restricted cash after prepayment of the
associated bond debt, compensation payment to bondholders for early redemption
of bond debt and compensation from Front Voyager Inc. for the termination of the
bareboat charter.
Please also find enclosed ITCL audited annual report for 2009.
The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
April 9, 2010
Questions should be directed to:
Bengt Neteland: Vice President Finance, Frontline Management
AS
+47 23 11 40 37 or +47 924 99 386
[HUG#1401874]
ITCL Annual Report 2009: http://hugin.info/138953/R/1401874/356745.pdf
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Datum: 09.04.2010 - 08:52 Uhr
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