PETROLIFT Inc., an oil and gas-tanker operator whose clients include the country’s largest petroleum firms, will have its fourth double-hull vessel early December.

The company said that it will launch the new vessel in a move to comply with the Maritime Industry Authority’s new policy of phasing out single hull vessels by April next year.

“Petrolift recognized the urgency of commissioning double hull vessels right away to fill in the need for more modern and compliant oil tankers and has begun introducing double hull tankers as early as 2006,” the company said in a statement on November 22.

The new double-hull policy of the Marina, however, only covers those vessels carrying black, but oil firms are implementing a stricter policy before they charter a vessel, which means Petrolift’s future cash flow is dependent on the type of fleet that it has.

Those single-hull ships carrying white oil such as gasoline and diesel can still operate, but the government is mulling to also apply the same rule by 2010.

Since last year, the company has been buying double hull vessels, the first of which came shortly after the oil spill by M/T Solar 1 near Guimaras Island.

From the fleet of 10 vessels, Petrolift has three double-hull ships, two of which were being chartered by Petron Corp and the other by Pilipinas Shell. The rest of its vessels are barges and one gas carrier.

Last year, state-owned Development Bank of the Philippines approved a P600-million term-loan to Transoil Corp., a subsidiary of Petrolift, for the acquisition of a brand new, double-hull oil/chemical tanker M/T Petro Carahas, which has a capacity of 24,000 barrels.

Petrolift is mulling to list at the Philippine Stock Exchange later this year, hoping to generate about P3.5 billion in proceeds.

Based on its prospectus, the company will be offering 326.25 million in new shares and 130.50 million secondary shares held by existing shareholders.

Proceeds of the sale will be used to acquire tanker vessels, upgrade its existing fleet of tankers to double-hull, and purchase dry-bulk carriers and heavy equipment for mining logistics.

A double hull ship has bottom and sides that have two layers of watertight hull surface—an outer layer forming the normal hull of the ship, and a second-inner hull forming a redundant barrier to seawater in case the outer hull is damaged and leaks.

Petrolift says fourth vessel to arrive next month

PETROLIFT Inc., an oil and gas-tanker operator whose clients include the country’s largest petroleum firms, will have its fourth double-hull vessel early December.

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