Re: product tankers

Thanks for the email. I'm not in love with this deal, and Nowlan is not
inclined to do it, but we will have Pierre look at it. By the way, it was 72
and sunny at my new house. That is the forecast forever there.

Merritt Thomas 11/29/2000 08:29 AM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: product tankers

Hey - have you made a decision on this product tanker thing? I returned
today to three Joe King emails in my inbox.

Proposed rate structure from Trader Nav is $13,750 year 1 + an additional
$250/day for each subsequent year.

Rate increase explained as such: "As anticipated, due to the pressure on the
yards for the berth availability, prices have increased somewhat, but still
they are within a range that, in
our opinion, are very competitive when considering the market conditions."

Joe also sent along a Poten&Partners study about the proposed acceleration of
vessel phase-outs due to the Erika disaster.

If you're still looking at this, I suppose I'm not saying that I don't have
time to take another look at this, but...

M

ps. London is nice and rainy today. I just thought you might like to know
what you are missing here!