General Maritime Corporation announced yesterday that it has agreed to enter seven of its VLCCs into Seawolf Tankers, a commercial pool of VLCCs managed by Heidmar.
Under the agreement, the 'Genmar Vision', 'Genmar Zeus' and 'Genmar Ulysses' will begin trading in the pool within the next 30 days. The 'Genmar Poseidon' and the 'Genmar Atlas' will also enter the Seawolf Pool via period charters with Heidmar. In addition, the 'Genmar Hercules' and 'Genmar Victory' are expected to begin trading in the pool upon completion of their current time charters.
General Maritime stated that the two vessels on period charter to Heidmar will be chartered for 12-months at market-related rates, subject to a floor of US$15,000 per day and a profit share of 50/50 above US$30,000 per day. Vessels may be withdrawn from the pool after one year upon 90 days notice.
The 'Genmar Hercules' is currently on a 12-month time charter to Trafigura at a rate of US$35,500 per day, with earliest redelivery date of September 2011. The 'Genmar Victory' is currently on a 24-month time charter to BP at a rate of US$40,500 per day with earliest redelivery date of February 2012.
