We generate revenues by charging customers for the loading, transportation and storage of their crude oil using the vessels in our fleet. We provide these services under time charters and bareboat charters.
Each charter is a contract for the use of a specified vessel for a fixed period at a specified daily rate.
Under time charters, the ship-owner is responsible for providing crewing and other vessel operating services, while the customer is responsible for substantially all the voyage expenses.
Under bareboat charters, the ship-owner is not responsible for providing crewing or other operational services, while the customer is responsible for all vessel operating expenses and voyage expenses.
The rate payable under all our charters is fixed and payable monthly in advance.
Shuttle tankers are often described as “floating pipelines,” because these vessels typically shuttle oil from offshore installations to onshore facilities in much the same way a pipeline would transport oil along the ocean floor. Shuttle tankers can be either purpose-built or converted from existing conventional oil tankers.