Stena Vision Repair Prolonged

Monday, May 22, 2006
Arlington Tankers Ltd. was notified by its vessel manager, Northern Marine Management Ltd. (Northern Marine), that one of its two VLCC tankers, the Stena Vision, built in 2001, will now commence a prolonged period of repair due to an engine maintenance program. The 314,000 metric ton deadweight vessel was undergoing a scheduled dry-dock period when it was determined that the repair was necessary, and that the vessel will be out of service for several months. The Stena Vision is currently on a long-term time charter to Concordia Maritime AB (Concordia) of Sweden until November 2009. The daily basic charter rate for the Stena Vision for 2006 is $36,075. Under the terms of its agreements, during the period of repair, the company will continue to receive its full contractual charter hire and pay its contractual vessel management fees. Additionally, the expenses of drydocking and this prolonged engine maintenance program giving rise to the period of repair will be absorbed by Northern Marine under the management contract for the vessel.
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