The Group's principal activity is to own and operate Suezmax crude oil tankers. It operates vessels on bareboat charter, spot related time charters and in the spot market. The Group has time chartered two of its original vessels at spot market related rates for three-year terms up to the autumn of 2007. It has bareboat chartered the third of its original three vessels to Gulf Navigation Company LLC of Dubai, UAE for a term of five years at a fixed rate of charterhire. In March 2005, the Group acquired its fifth and sixth vessel, In August 2005 Seventh Vessel. The Group's fleet consists of twelve vessels.
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