Tesoro adds tanker to Alaska trade - September 28, 1999

Providing coverage of Alaska and northern Canada's oil and gas industrySeptember 1999

Vol. 4, No. 9

Week of September 28, 1999

Tesoro adds tanker to Alaska trade

by The Associated Press

Tesoro Petroleum Corp. said Aug. 19 it has agreed to charter a 46,000-ton, double-hull tanker from Hvide Marine Inc. to haul crude to its Nikiski refinery.

The lease has a three-year term beginning next May. The lease includes two one-year options, Tesoro said. The vessel will replace the Chesapeake Trader.

Under the lease terms, Tesoro will receive one of Hvide Marine’s new Lightship Class tankers.

“Tesoro was able to charter this new tanker at very competitive market rates and will realize annualized savings of $5 million to $6 million compared to the above-market rates we are paying on our current charter,” said Bruce A. Smith, Tesoro’s chairman and president.

In addition to its refinery, Tesoro operates a chain of gas stations throughout Alaska.

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