ICB to exercise right on VLCC

PUBLISHED : Wednesday, 29 July, 1998, 12:00am
UPDATED : Wednesday, 29 July, 1998, 12:00am

Swedish tanker group ICB Shipping says it will exercise its purchase right to acquire the 295,000 deadweight tonne VLCC Mindoro.

ICB, which has operated the Mindoro technically and commercially on the spot market since it was delivered in 1995, is acquiring the vessel from a Liberian-registered company at slightly below market value, as recently determined by independent ship brokers.