Arlington Tankers, Ltd. (NYSE:ATB)
Industry: Services
Arlington Tankers Ltd. (Arlington Tankers), incorporated on September 21, 2004, is an international seaborne transporter of crude oil and petroleum products. The Company was originally a jointly owned subsidiary of Stena AB (Stena) and Concordia Maritime AB (Concordia). Its fleet consists of eight tankers. Arlington Tankers has eight wholly owned subsidiaries, each of which owns one of the tankers in the Company's fleet. On November 10, 2004, the Company acquired its original fleet of six tankers consisting of two V-MAX tankers, two Panamax tankers and two Product tankers. On January 5, 2006, Arlington Tankers acquired two additional Product tankers. The Company purchased the two V-MAX tankers from subsidiaries of Concordia, the four Product tankers from subsidiaries of Stena and the two Panamax tankers from two companies owned 75% by Stena AB (Stena) and 25% by Fram Shipping Ltd.( Fram). The Company's V-MAX tankers typically load crude oil in West Africa and discharge in Philadelphia, which is a port that cannot be accessed by conventional very large crude carriers (VLCCs). Its Panamax tankers typically trade in the North, South and Central Americas primarily carrying crude oil but also dirty products. The Company's Product tankers trade primarily in the Caribbean and the Transatlantic and primarily carry clean products, such as gasoline, diesel and jet fuel. Arlington Tankers' V-MAX fleet includes Stena Victory and Stena Vision; the Panamax fleet includes Stena Companion and Stena Compatriot; and the Product tankers comprise Stena Concord, Stena Consul, Stena Concept and Stena Contest. Arlington Tankers has chartered its two V-MAX tankers to two wholly owned subsidiaries of Concordia, which have sub-chartered those tankers to Sun International. The Company acquired the two V-MAX tankers subject to existing sub-charters with Sun International Limited Bermuda (Sun International), an indirect wholly owned subsidiary of Sunoco, Inc. One of these sub-charters expires in June 2007 and the other expires in September 2007. The Company has chartered its two Panamax tankers and four Product tankers to Stena Bulk AB, a wholly owned subsidiary of Stena. Arlington Tankers refer to its charters for its vessels as the Charters. It refers to these two Concordia subsidiaries and Stena Bulk AB collectively as the Charterers. The Charters have fixed terms with between three and five years remaining. There are also charter period options exercisable by the Charterers. Each of the Company's wholly owned subsidiaries has also entered into a fixed-rate ship management agreement with Northern Marine Management Ltd. (Northern Marine), a wholly owned subsidiary of Stena, to provide for the operation and maintenance of each of the Company's vessels. The Company's wholly owned subsidiaries have time chartered its vessels to the Charterers. Each of Arlington Tankers' original six vessels was chartered for a fixed-term expiring in November 2009, followed by three one-year options exercisable at the option of the Charterers. In January 2006, in connection with its acquisition of two additional Product tankers from Stena, the fixed term for one of the Company's Product tankers (Stena Consul) and one of its Panamax tankers (Stena Compatriot) was extended to November 2010, followed by three one-year options exercisable by the Charterer and the fixed term for one of the Company's Product tankers (Stena Concord) and one of its Panamax tankers (Stena Companion) was reduced to November 2008, followed by three one-year options exercisable by the Charterer. The terms of the Charters for its V-MAX tankers were not amended. The Charterers are Stena Bulk AB, CM V-MAX I Limited and CM V-MAX II Limited, each a wholly owned subsidiary of Concordia. Under the Charters, Arlington Tankers are required to keep the vessels seaworthy, and to crew and maintain them. Northern Marine performs those duties for the Company under the ship management agreements signed by both companies. The vessels that Arlington Tankers has time chartered to Stena Bulk are
As Of: 10/07 00:00 ET
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