|
|
Arlington Tankers Exercises Four Options
Thursday, May 08, 2008
Arlington Tankers Ltd. said that Stena Bulk AB of Sweden (Stena) has exercised options to extend the long-term charter agreements for four of the company's vessels. Stena has exercised the first of its three one-year options for each of the Stena Companion and Stena Concord, and its 30-month option for the Stena Contest and Stena Concept.
Stena's exercise of the one-year options for the Panamax tanker, Stena Companion, and for the Product tanker, Stena Concord, extends the terms of the charters for these vessels to November 10, 2009. Stena continues to have the option to extend these charters on a vessel-by-vessel basis for two additional one-year terms. With respect to the Stena Companion, effective November 11, 2008, the basic charter rate will increase to $18,639 per day for a guaranteed 360 days per year and the fixed vessel management fee will increase to $6,989 per day through November 10, 2009.
With respect to the Stena Concord, effective November 11, 2008, the basic charter rate will increase to $16,642 for a guaranteed 360 days per year and the fixed vessel management fee will increase to $6,442 per day through November 10, 2009. During the one-year charter extension, both vessels will also continue to be eligible to earn additional hire revenues through the Company's profit sharing arrangement with Stena.
|
|