The four owned vessels range in size between around 30,000 dwt. and 50,000 dwt. In addition, it is worth noting the vessels are also quite dated, having been built between 1956 and 1961. Currently the tanker market suffers from an oversupply of tanker vessels compared with the existing demand in the market. It is hoped by some that the scrapping of equipment, like those operated by the subject, could foster a greater balance between supply and demand and therefore positively impact rates. Details of the groups owned fleet can be found in Attachment 1.
Specific details regarding the chartered fleet are unavailable.
However, we understand that at any given time Coscol charters on a spot basis between 20 to 30 vessels. In addition, under time charter the company will charter another 2 to 12 vessels. Chartered tankers include product, panamax, suezmax and VLCC units. We understand from a spokesman that a lot of business is done between the U.S., the Caribbean and South America. Product and panamax tankers, ranging between 30,000 dwt. and 80,000 dwt., are used for these activities.