Stocks that Float: TANKERS & DRY BULK SHIPPERS

[xanadu90]

Not much new information about ITCL. They do not even have own webpages, because ITCL is still totally managed by Frontline. Frontline's policy is to keep managements and administration as small as possible. GOGL is driven by 3 people staff!

ITCL closed at NOK 8.75 = USD 1.73, have been drifting down since listing (as usual) at NOK 11.00. Good for you - you get your shares cheaper.

Have you seen this:

ITCL (Independent Tankers Corporation Limited)
06/03-2008 16:40:35: (ITCL.OTC) ITCL:

Independent Tankers Corporation Limited is registered on the NOTC-list
Independent Tankers Corporation Limited is registered on the NOTC-list as from the 7th of March 2008.

Ticker: ITCL. ISIN: BMG4758V1000.

The company has issued 74 825 169 shares. Par value per share is USD 0.3.

The company has entered into an agreement whereby it will be able to use the reporting system as from the 7th of March 2008.
ITC owns all the issued and outstanding shares of the three ship-owning companies; California Petroleum Transport Corporation, Golden State Petroleum Transport Corporation, and Windsor Petroleum Transport Corporation. ITC’s business is concentrated around the ownership of tankers on long term bareboat contracts to major oil companies, including certain cancellation options. All vessels are financed through bonds and some of the vessels are also subject to lease arrangements. ITC purchases all necessary management services from Frontline.



The basics from Frontline's website:

http://hugin.info/182/R/1196965/243487.pdf