| (Mark      One)                                             |                                                                                                                                                                                                                                                                   |
|-------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                        |                                                                                                                                                                                                                                                                   |
| [      X]                                                   |               ANNUAL REPORT      PURSUANT TO SECTION 13 OR 15(d) OF                                                                                                                              |
|                                                        |                     THE      SECURITIES EXCHANGE ACT OF 1934                                                                                                       |
|                                                        |                                                                                                                                                                                                                                                                   |
|                                                        |                                                                                                                                                                                                                                                                   |
| For      the fiscal year ended                              |                                         December      31, 2007 |
|                                                        |                                                                                                                                                                                                                                                                   |
|                                                        |                                         OR                     |
|                                                        |                                                                                                                                                                                                                                                                   |
| [   ]                                        |              TRANSITION REPORT      PURSUANT TO SECTION 13 OR 15(d) OF                                                                                                                                |
|                                                        | THE      SECURITIES EXCHANGE ACT OF 1934                                                                                                                                                                                                                               |
|                                                        |                                                                                                                                                                                                                                                                   |
| For      the transition period from                         |                                        to                           |
|                                                        |                                                                                                                                                                                                                                                                   |
|                                                        |                                                                                                                                                                                                                                                                   |
| Commission      file number                                 |                                  033-26227                                                        |
|                                                        |                                                                                                                                                                                                                                                                   |
| Golden      State Petroleum Transport Corporation           |
| (Exact      name of Registrant as specified in its charter) |
|                                                        |

| Delaware                                           |   | 13-3927016                                |
|----------------------------------------------------|--------|-------------------------------------------|
| (State      or other jurisdiction of incorporation |   | (I.R.S.      Employer Identification No.) |
| or      organisation)                              |   |                                      |
|                                               |   |                                      |

| 4th      Floor Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton,      Bermuda |
|---------------------------------------------------------------------------------|
| (Address      of principal executive offices)                                   |
|                                                                            |
| (441)      295 6935                                                             |
| (Registrant’s      telephone number, including area code)                 |
|                                                                            |
|                                                                            |
| Securities      registered pursuant to Section 12(b) of the Act:                |   |
|                                                                            |   |

| Title      of each class |   | Name      of each exchange |
|--------------------------|--------|----------------------------|
|                     |   | on      which registered   |
| None                     |   | Not      applicable        |
|                     |   |                       |

| Securities      registered or to be registered pursuant to section 12(g) of the      Act.                                                                                                                                                                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                              |
| None                                                                                                                                                                                                                                                                                                                                                                              |
| (Title      of class)                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                              |
| Indicate      by check mark if the registrant is a well-known seasoned issuer, as      defined in Rule 405 of the Securities Act.                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                              | [    ]      Yes | [      X] No |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |
| Indicate      by check mark if the registrant is not required to file reports pursuant      to Section 13 or Section 15(d) of the Act.                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                              | [    ]      Yes | [      X] No |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |
| Indicate      by check mark whether the registrant (1) has filed all reports required to      be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934      during the preceding 12 months (or for such shorter period that the      registrant was required to file such reports), and (2) has been subject to      such filing requirements for the past 90 days. |
|                                                                                                                                                                                                                                                                                                                                                                              | [ X  ]      Yes | [        ] No |
|                                                                                                                                                                                                                                                                                                                                                                              |   |
| Indicate      by check mark if disclosure of delinquent filers pursuant to Item 405 of      Regulation S-K is not contained herein, and will not be contained, to the      best of the registrant's knowledge, in definitive proxy or information      statements incorporated by reference in Part III of this Form 10-K or any      amendment to this Form 10-K.                |
|                                                                                                                                                                                                                                                                                                                                                                              | [ X      ] |
|                                                                                                                                                                                                                                                                                                                                                                              |   |
| Indicate      by check mark whether the registrant is a large accelerated filer, an      accelerated filer, or a non-accelerated filer. See definition of      “accelerated filer and large accelerated filer” in Rule 12b-2 of the      Exchange Act. (Check one):                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |
| Large      accelerated filer [    ]                                                                                                                                                                                                                                                                                                                           | Accelerated      filer [    ] | Non-accelerated      filer [ X ] |
|                                                                                                                                                                                                                                                                                                                                                                              |   |
| Indicate      by check mark whether the registrant is a shell company (as defined in      Rule 12b-2 of the Act).                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                              | [    ]      Yes | [      X] No |
|                                                                                                                                                                                                                                                                                                                                                                              |   |
| State      the aggregate market value of the voting and non-voting common equity held      by non-affiliates computed by reference to the price at which the common      equity was last sold, or the average bid and asked price of such common      equity, as of the last business day of the registrant’ most recently      completed second fiscal quarter.            |
|                                                                                                                                                                                                                                                                                                                                                                              | None |
|                                                                                                                                                                                                                                                                                                                                                                              |   |
| Indicate      the number of shares outstanding of each of the registrant's classes of      common stock, as of February 29, 2008.                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                              |  2      shares of Common Stock, $0.0 par value |
|                                                                                                                                                                                                                                                                                                                                                                              |   |
|                                                                                                                                                                                                                                                                                                                                                                              |
| DOCUMENTS      INCORPORATED BY REFERENCE:                                                                                                                                                                                                                                                                                                                                         | None |

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|          |                                                                                                                                                                                                                                             |            Page |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|
| PART      I   |                                                                                                                                                                                                                                             |                                     |
| Item      1.  | Business...................................................................................                                          | 1                                        |
| Item      1A. | Risk      Factors..............................................................................                                          | 2                                        |
| Item      1B. | Unresolved      Staff Comments............................................................                                                                       | 2                                        |
| Item      2.  | Properties.................................................................................                                          | 2                                        |
| Item      3.  | Legal      Proceedings.......................................................................                                                        | 2                                        |
| Item      4.  | Submission      of Matters to a Vote of Security Holders...............................                                                                                                                  | 2                                        |
|          |                                                                                                                                                                                                                                             |                                     |
| PART      II  |                                                                                                                                                                                                                                             |                                     |
| Item      5.  | Market      for Registrant’s Common Equity, Related StockholderMatters      and Issuer Purchases of Equity Securities..................................                                        |  2                                  |
| Item      6.  | Selected      Financial Data.................................................................                                                                | 3                                        |
| Item      7.  | Management’s      Discussion and Analysis of FinancialCondition      and Results of Operations..................................................                           |  3                                  |
| Item      7A. | Quantitative      and Qualitative Disclosures about Market Risk......................                                                                                                                                | 3                                        |
| Item      8.  | Financial      Statements and Supplementary Data.......................................                                                                                                      | 4                                        |
| Item      9.  | Changes      in and Disagreements with Accountants on Accountingand      Financial Disclosure............................................................... |  9                                  |
| Item      9A. | Controls      and Procedures................................................................                                                                 | 9                                        |
| Item      9B. | Other      Information........................................................................                                                   | 10                                       |
|          |                                                                                                                                                                                                                                             |                                     |
| PART      III |                                                                                                                                                                                                                                             |                                     |
| Item      10. | Directors      and Executive Officers of the Registrant.................................                                                                                                             | 11                                       |
| Item      11. | Executive      Compensation................................................................                                                                  | 11                                       |
| Item      12. | Security      Ownership of Certain Beneficial Ownersand      Management and Related Stockholder Matters.................................                                                                 |  11                                 |
| Item      13. | Certain      Relationships and Related Transactions....................................                                                                                                          | 12                                       |
| Item      14. | Principal      Accountant Fees and Services.............................................                                                                                             | 12                                       |
|          |                                                                                                                                                                                                                                             |                                     |
| PART      IV  |                                                                                                                                                                                                                                             |                                     |
| Item      15. | Exhibits      and Financial Statement Schedules.........................................                                                                                                     | 13                                       |
|          |                                                                                                                                                                                                                                             |

----

----

| Owner                                      | Vessel               | Construction | Delivery      Date    | Approximate      dwt. |
|--------------------------------------------|----------------------|--------------|-----------------------|-----------------------|
| Golden      State Petro (IOM      1-A) plc | Antares      Voyager | Double-hull  | December      7, 1998 | 308,500               |
| Golden      State Petro (IOM      1-B) plc | Phoenix      Voyager | Double-hull  | March      15, 1999   | 308,500               |

|   | (a) | There      is no established trading market for the Common Stock of the      Registrant. |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (b) | As      of February 29, 2008 with respect to the Common Stock there was one (1)      holder of record of the Registrant's Common  Stock. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | There      were no repurchases of the Common Stock of the  Registrant. |
|--------|-----|------------------------------------------------------------------------|

----

|                                                                                                          | Page    |
|---------------------------------------------------------------------------------------------------------------|---------|
| Report      of Independent Registered Public Accounting Firm                                                  |  5 |
| Balance      Sheets as of December 31, 2007 and 2006                                                          |  6 |
| Statements      of Operations and Retained Earnings for the Years Ended December 31, 2007,      2006 and 2005 |  7 |
| Statements      of Cash Flows for the Years Ended December 31, 2007, 2006 and      2005                       |  8 |
| Notes      to Financial Statements                                                                            |  9 |
|                                                                                                          |    |

----

----

|                                                                                       |   | 2007   | 2006   |
|--------------------------------------------------------------------------------------------|--------|--------|--------|
| ASSETS                                                                                     |   |   |   |
| Current      assets:                                                                       |   |   |   |
|        Cash      and cash equivalents                   |   | 2      | 2      |
| Total      assets                                                                          |   | 2      | 2      |
|                                                                                       |   |   |   |
| LIABILITIES      AND STOCKHOLDER’S EQUITY                                            |   |   |   |
|        Stockholder’s      equity                  |   |   |   |
|        Common      stock, $0.0 par value; 100 shares    |   |   |   |
|        authorized,      2 shares issued and outstanding |   | 2      | 2      |
| Total      liabilities and stockholder’s equity                                      |   | 2      | 2      |

----

|                                                                | 2007   | 2006   | 2005   |
|---------------------------------------------------------------------|--------|--------|--------|
| Revenue                                                             |   |   |   |
|        Agency      fees          | -      | -      | -      |
|                                                                |   |   |   |
| Expenses                                                            |   |   |   |
|        Transaction      expenses | -      | -      | -      |
|                                                                |   |   |   |
| Net      income                                                     | -      | -      | -      |
|                                                                |   |   |   |
| Retained      earnings, beginning of year                           | -      | -      | -      |
| Retained      earnings, end of year                                 | -      | -      | -      |

----

|                                                                                     | 2007   | 2006   | 2005   |
|------------------------------------------------------------------------------------------|--------|--------|--------|
| Net      income                                                                          | -      | -      | -      |
|        Net cash provided by operating      activities | -      | -      | -      |
|                                                                                     |   |   |   |
|        Net cash provided by investing      activities | -      | -      | -      |
|                                                                                     |   |   |   |
|        Net cash used in financing      activities     | -      | -      | -      |
| Net      change in cash and cash equivalents                                             | -      | -      | -      |
|                                                                                     |   |   |   |
| Cash      and cash equivalents at beginning of year                                      | 2      | 2      | 2      |
| Cash      and cash equivalents at end of year                                            | 2      | 2      | 2      |
|                                                                                     |   |   |   |

----

| 1. | GENERAL |
|----|---------|

| 2. | CAPITALIZATION |
|----|----------------|

----

----

| Name                  | Age | Position      with Company                                                                                   |
|-----------------------|-----|--------------------------------------------------------------------------------------------------------------|
| Tor      Olav Troim   | 45  | Director      and President                                                                                  |
| Kate      Blankenship | 43  | Director,      Secretary, Chief Executive Officer, Chief Financial Officer and Chief      Accounting Officer |

----

| Beneficial      Ownership |
|---------------------------|
| Class of shares           | Name and address of beneficial      owners | Number of shares | Percent of Class |
| Ordinary      Shares      | Frontline      Ltd1 | 2 | 80% |

|                        | 2007    | 2006    |
|-----------------------------|---------|---------|
| Audit      fees (1)         | $41,000 | $24,150 |
| Audit-related      fees (2) | n/a     | n/a     |
| Tax      fees (3)           | n/a     | n/a     |
| All      other fees (4)     | n/a     | n/a     |

----

----

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| 31.1 | Certification      of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule      15d-14(a) of the Securities Exchange Act, as  amended |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Certification      of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule      15d-14(a) of the Securities Exchange Act, as  amended |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.1 | Certification      of Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted      pursuant to Section 906 of the Sarbanes-Oxley Act of  2002 |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2 | Certification      of Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted      pursuant to Section 906 of the Sarbanes-Oxley Act of  2002 |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                         |           |   | Golden      State Transport Corporation |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|--------|-----------------------------------------|
|                                                                                                                                                                                                                         |           |   | (Registrant)                            |
|                                                                                                                                                                                                                         |           |   |                                    |   |
|                                                                                                                                                                                                                         |           |   |                                    |   |
| Date                                                                                                                                                                                                                         | March 31, 2008 |   | By                                      | /s/ Tor Olav Troim |
|                                                                                                                                                                                                                         |           |   |                                    | Tor      Olav Troim |
|                                                                                                                                                                                                                         |           |   |                                    | Director      and President |
|                                                                                                                                                                                                                         |           |   |                                    |   |
| Pursuant      to the requirements of the Securities Exchange Act of 1934, this report      has been signed below by the following persons on behalf of the registrant      and in the capacities and on the dates indicated. |
|                                                                                                                                                                                                                         |           |   |                                    |   |
|                                                                                                                                                                                                                         |           |   |                                    |   |
| Date                                                                                                                                                                                                                         | March 31, 2008 |   | By                                      | /s/ Kate Blankenship |
|                                                                                                                                                                                                                         |           |   |                                    | Kate      Blankenship |
|                                                                                                                                                                                                                         |           |   |                                    | Director,      Chief Executive Officer, Chief Financial |
|                                                                                                                                                                                                                         |           |   |                                    | Officer,      Chief Accounting Officer |
|                                                                                                                                                                                                                         |           |   |                                    |   |
|                                                                                                                                                                                                                         |           |   |                                    |   |
|                                                                                                                                                                                                                         |           |   |                                    |   |
| Date                                                                                                                                                                                                                         | March 31, 2008 |   |                                    | /s/      Tor Olav Troim |
|                                                                                                                                                                                                                         |           |   |                                    | Tor      Olav Troim |
|                                                                                                                                                                                                                         |           |   |                                    | Director      and President |