Arlington Tankers Announces Exercise of Charter Options for Four of Its Vessels
06 Mayo 2008 - 4:00PM
PR Newswire (US)
Long-term charter agreements extended for one year for the Stena
Companion and Stena Concord and for 30 months for the Stena Contest
and Stena Concept HAMILTON, Bermuda, May 6 /PRNewswire-FirstCall/
-- Arlington Tankers Ltd. (NYSE:ATB) announced today 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. Stena's
exercise of the 30-month options for the Product tankers, Stena
Contest and Stena Concept, extends the terms of the charters for
these vessels to July 4, 2011. 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 these vessels, effective
January 5, 2009, the basic charter rate will decrease to $17,942
per day for a guaranteed 360 days per year and the fixed vessel
management fee will increase to $6,442 per day through January 4,
2009. In addition, during the 30-month charter extension, both
vessels will be eligible to earn additional hire revenues through
the Company's profit sharing arrangement with Stena. Both vessels'
basic charter rate and vessel management fees increase by 5% of the
vessel management fees on the January 5th of each calendar year
during the 30-month charter extension. For more information
regarding the terms of the Company's charters, please refer to the
basic hire, base operating cost and operating margin tables
included in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2007, filed with the United States
Securities and Exchange Commission. About Arlington Tankers
Arlington Tankers Ltd. is an international seaborne transporter of
crude oil and petroleum products. Arlington's fleet consists
exclusively of eight modern double-hulled vessels and is one of the
youngest tanker fleets in the world, with an average vessel age of
approximately 4.5 years. The fleet consists of two V-MAX tankers,
which are specially designed very large crude carriers, two Panamax
tankers and four Product tankers. All of the Company's vessels are
employed on long-term time charters. The Company was incorporated
in Bermuda in September 2004. The Company completed its initial
public offering on the New York Stock Exchange on November 10,
2004. Safe Harbor Statement This press release contains certain
forward-looking statements and information relating to the Company
that are based on beliefs of the Company's management as well as
assumptions made by the Company and information currently available
to the Company, in particular the statements regarding the
additional hire that may be earned in the future, and the exercise
by the charterers of options to extend the terms of the charters of
certain of the Company's vessels. When used in this press release,
words such as "believe," "intend," "anticipate," "estimate,"
"project," "forecast," "plan," "potential," "will," "may,"
"should," and "expect" and similar expressions are intended to
identify forward-looking statements but are not the exclusive means
of identifying such statements. All statements in this document
that are not statements of historical fact are forward-looking
statements. The forward-looking statements contained in this press
release reflect the Company's current views with respect to future
events and are subject to certain risks, uncertainties and
assumptions. Many factors could cause the Company's actual results,
performance or achievements to be materially different from any
future results, performance or achievements that may be expressed
or implied by such forward-looking statements, including, among
others: the possibility that the Company may not pay dividends, the
highly cyclical nature of the tanker industry, global demand for
oil and oil products, the number of newbuilding deliveries and the
scrapping rate of older vessels, terrorist attacks and
international hostilities, and compliance costs with environmental
laws and regulations. These and other risks are described in
greater detail in the "Risk Factors" section of the Company's
Annual Report on Form 10-K for the fiscal year ended December 31,
2007, filed with the United States Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in the
forward-looking statements included in this press release. The
Company does not intend, and does not assume any obligation, to
update these forward-looking statements. Contact: Arlington Tankers
Ltd. Edward Terino, President, Chief Executive Officer and Chief
Financial Officer 203-221-2765 DATASOURCE: Arlington Tankers Ltd.
CONTACT: Edward Terino, President, Chief Executive Officer and
Chief Financial Officer of Arlington Tankers Ltd., +1-203-221-2765
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