CHEVRON Philippines Inc. and Islas Tankers Shipping Corp. has signed an agreement for a long-term time charter of a 2,000-dead weight ton doublehull oil tanker. In photo (seated, from left) are April Tarrosa, supply planning manager of Chevron; Hassaan Vahidy, supply and optimization manager-Philippines of Chevron; Roberto Umali, COO of Magsaysay Transport & Logistics Group; and Cornelius de Guzman, general manager of Islas Tankers. Standing (from left) are Herminigildo Sacil, special projects head of Islas Tankers; Grace Pañares, supply manager of Chevron; Romeo Ruedas, CFO of Magsaysay Transport & Logistics Group; and Capt. Debs Milano, general manager of Magsaysay Shipmanagement Inc.

CHEVRON Philippines Inc. and Islas Tanker Shipping Corp. have signed a deal for long-term time charter of a 2,000-dead weight ton double-hull oil product tanker.

The agreement calls for Islas Tanker, a member of the Magsaysay Transport & Logistics Group, to provide a double- hull tanker for Chevron to transport “white” petroleum products such as gasoline, diesel and kerosene to key ports nationwide.

To meet the requirements of Chevron, Islas Tanker is acquiring a four-year-old Japanese tanker with a capacity of 14,000 barrels, or 2 million liters.  The vessel, to be renamed MT Panglao Island, is expected to arrive by mid-October.

Chevron’s initiative in chartering a double-hull vessel tanker and Islas Tanker’s acquisition are aimed at supporting the government program, as well as to comply with Marpol regulations. It comes well ahead of the target deadline for industry compliance for all barges and tankers carrying white petroleum products to convert to double hull by 2011.

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CHEVRON Philippines Inc. and Islas Tanker Shipping Corp. have signed a deal for long-term time charter of a 2,000-dead weight ton double-hull oil product tanker.

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