Pertamina books VLCC for up to five years<\/p>\n
PT Pertamina, Indonesia's state-owned oil company, booked a 16
\nyear-old very large crude carrier for as long as five years at a
\ncost of as much as $48.9 million, to replace capacity the company
\ndisposed of earlier this year.<\/p>\n
The Jakarta-based company signed up the 248,049-deadweight-ton
\nKolossi at $26,800 a day starting this month, Oslo-based
\nshipbroker O-J. Liabeak said in a note in Oslo. The contract is
\nfor four years, with options for two six-month extensions.
\nCyclops Ships Ltd. owns the Kolossi, according to Clarksons
\nTanker Register.<\/p>\n
Pertamina has the past month sought a VLCC built in 1998 or
\nlater to replace one of two new vessels it sold to Frontline Ltd.
\nfor a total of $184 million in June, shipbroker such as
\nGalbraith's of London has said. The oil company, which ordered
\nthe tankers in 2002 at $65 million each, said it was profitable
\nto sell the ships and replace them with leased units.<\/p>\n
Frontline, the world's biggest tanker owner by capacity, took
\ndelivery of the first vessel a month ago. The second vessel is
\nslated for completion at shipbuilder Hyundai Heavy Industries Co.
\nin September. A VLCC can take on 2 million barrels of crude.<\/p>\n
The so-called time-charter contract allows Pertamina to direct
\nthe tankers as it sees fit. Pertamina will have to pay for
\nvoyage-related costs such as fuel and port fees. The shipowner is
\nresponsible for providing a crew and maintenance. -- Bloomberg<\/p>",
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