Independent Tankers Corporation Ltd : ITCL - Charter updates

Independent Tankers Corporation Limited ("ITCL" or the "Company") announces that BP Shipping Ltd. ("BP") did not exercise their right to terminate the lease for the VLCC British Purpose on July 14, 2013. The charter will consequently continue until July 14, 2015, if not further extended. In accordance with the terms of the charter agreement, the Minimum Rate Period will end on July 14, 2014 and the vessel will commence the Variable Rate Period.
Furthermore, BP has given twelve months irrevocable notice of termination of the bareboat charter for the VLCC British Pride. The vessel will be redelivered from BP to ITCL on July 30, 2014.
Source: Independent Tankers Corporation Limited