Ocean Tankers increases income from charter of two tankers

Ocean Tankers Holdings Public Company Limited reminded the investing public on the signing of contracts of two new-fangled, double-inner side tankers of 12,800 tons each on March 2, 2007 at the Cyprus Shipping Club.

The Company has already submitted (March 15, 2007) 10% of the total price, that is, $4,589,000 ($2,294,500 each). It is noted that the first tanker M/T “GEMI” will be delivered in late August 2008 and the second, M/T “VASI” will be delivered in late November 2008. 

Ocean Tankers furthermore announced that the new tanker Μ/Τ “LISA” of 4,200 tons, which will be delivered

in late March or early April of 2007 has been time chartered for four years with Herming Shipping S.A.  According to the contract, Μ/Τ “LISA will generate profits of $7250 a day for the first two years (first period), $7600 for the third year (second period) and $7950 for the fourth year (third period). 

As for the time charter of the second new tanker Μ/Τ “MARIM”, which is expected to be delivered in late June or early July 2007, it is at the sole discretion of the charterer Herming Shipping S.A for the long-term time charter under the same terms as Μ/Τ “LISA”.

The time charter of Μ/Τ “LISA” and the upcoming time charter of Μ/Τ “MARIM” will increase significantly the Company’s turnover and profitability.