Independent Tankers Corporation Limited (ITCL) announces that BP Shipping Limited has extended the charter for the VLCC British Progress.
The charter will be extended for one additional year and the vessel will trade on a market rate with a minimum bareboat rate of $20,000 per day until February 2, 2014.
Independent Tankers Corporation Limited is a holding company that through Independent Tankers Corporation (Cayman Islands) owns three holding companies, each of which owns or leases modern tanker vessels that have been bareboat chartered to BP Shipping Limited or Chevron Transport Corporation on long term charters.
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World Maritime News Staff, February 7, 2012; Image: ITCL