Chelsea Shipping Corporation has secured a P600-million loan from the Development Bank of the Philippines (DBP) for the acquisition of a fuel tanker vessel as part of the bank’s efforts to assist in the modernization of the shipping industry.

The financing would enable the Davao City-based firm to comply with the double hull, double bottom requirements for fuel tanker vessels recently imposed through Circular 2007-001 of the Maritime Industry Authority (MARINA).

The circular specifically aims to prevent accidents such as the Guimaras oil spill and is in compliance with the directions of the international maritime community regarding the phase-out of single hull tankers carrying refined petroleum products by 2010.

Chelsea Shipping Corp. is a sister company of Phoenix Petroleum Philippines, Inc., the first homegrown major player in the Philippine oil industry. It serves the vessel and fuel transportation requirements of various companies such as PTT Philippines Corporation, Cebu Pacific Air, and Asian Spirit.

With the expected shortage of MARINA-compliant vessels next year, Chelsea Shipping’s new vessel has already interested clients for a time-charter arrangement.

A steel oil tanker with double hull and double bottom, Chelsea Shipping’s new fuel tanker is 112 meters in length with a 6,000 DWT capacity. It is classed by Bureau Veritas as a special class of Maltese Cross.

The vessel is also ice-classed for unrestricted navigation, allowing it to sail to any point around the world. It has a total cargo carrying capacity of 5,634 cubic meters of oil, and can transport roughly 35,400 barrels of oil per voyage.

(Source: Manila Bulletin, pg. B-14, Shipping Bulletin issued on November 29, 2007)