BP to cut ITC VLCC

The British oil major will return the 306,000-dwt BritishPride (built 2000) on 30 July, 2014, the New York-listed owner reportedtoday.

However sistership British Purpose will stay with BP foranother year until 14 July 2015.

Both had been on minimum bareboat charter rates of $20,000per day compared to current spot market rates of around $8,100 daily forArabian Gulf to Far East cargoes.

The British Purpose will now move to a variable rate for theremainder of its contract.

ITC