BT Shipping

BT Shipping (NASDAQ:BTBTY) is incorporated in Bermuda. It owns and operates a fleet of six Panamax tankers. It mainly focuses on the North and South American and Caribbean trades. Seventy-five percent of the company’s income originates from charterers located in this area, 22% comes from charterers in Europe, and the remaining 3% from charterers located in Africa and the Middle East. The US’s increased imports from South American countries favor the company’s future activities.

In 1994, BT Shipping reported a loss of $3.1 million on the sale of the 216,000 dwt BT Venture (built 1971), which was scrapped after the expiration of a storage timecharter. Distressed VLCC rates and recent regulations that reduce the carrying capacity of single hull VLCCs by up to 30% when 25 years old, forced the company to scrap the vessel.

This is only an excerpt of BT Shipping

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.