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.