Chevron Buys Suezmax Triplet

Chevron Transport Corporation Ltd. has decided to cut short the bareboat charters signed with California Petroleum Transport Corporation for three suezmaxes: 136,000-dwt Altair Voyager, 157,000-dwt Cygnus Voyager and 156,000-dwt Sirius Voyager.

The three vessels were sold to Chevron in accordance with the provisions of the bareboat charters.

California Petroleum Transport Corporation used the charter hire payments paid in connection with the Early Termination Agreement to redeem the remaining outstanding 8.52% First Preferred Mortgage Notes due 2015.

The tankers were due to be chartered to Chevron until April 1, 2015, but the companies started discussing the early termination in July, 2015.

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