We began our Ocean Business with a single oceangoing vessel in 1992. Our Ocean Business has grown through the investment of capital from the operation of our fleet along with other sources of capital to acquire additional vessels. In 1998, we issued $135.0 million of 10 1 / 2% First Preferred Ship Mortgage Notes due 2008, or the Prior Notes. By 2001, our fleet reached 13 oceangoing vessels with a total carrying capacity of 1.1 million dwt. During 2003, in an effort to remain ahead of changing environmental protection regulations, we began to sell all of our single hull Panamax and Aframax tankers (five vessels in total), a process that we completed in early 2004.
In our Ocean Business, we operate eight oceangoing vessels. During 2010, we have divested on our two remaining Capesize vessels that transported dry cargo, such as iron ore and coal, on major routes around the globe. Our four Product Tankers, one of which is on bareboat charters to us from non related third parties, are employed primarily in South American cabotage trade of petroleum and petroleum products. Our petroleum product tank barge Parana Petrol is finalizing its repairs and outfitting in advance to starting a time charter as a floating storage in South America. Our current ocean fleet has an aggregate cargo carrying capacity of near 110,000 dwt. Additionaly, we own a large Oceangoing Pushboat.
We currently employ our four Product Tankers under time charters with major oil companies serving the regional trade of Argentina and Brazil. |
