California Petroleum Transport 10-Q/A 8 Nov 13 2013 Q3 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 07, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'CALIFORNIA PETROLEUM TRANSPORT CORPORATION	'
Entity Central Index Key	'0000923649	'
Current Fiscal Year End Date	'--12-31	'
Entity Well-known Seasoned Issuer	'No	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Non-accelerated Filer	'
Document Fiscal Year Focus	'2013	'
Entity Common Stock, Shares Outstanding	'	1,000
Document Fiscal Period Focus	'Q3	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'

Unaudited_Balance_Sheets

Unaudited Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$1	$1
Current portion of Term Loans	9,526	9,526
Interest receivable	812	609
Other current assets	14	25
Total current assets	10,353	10,161
Term Loans, less current portion	9,405	18,868
Deferred charges	120	183
Total assets	19,878	29,212
Current liabilities:	'	'
Accrued interest	812	609
Current portion of Term Notes	9,526	9,526
Other current liabilities	14	25
Total current liabilities	10,352	10,160
Term Notes, less current portion	9,525	19,051
Total liabilities	19,877	29,211
Equity	'	'
Share capital	1	1
Total liabilities and equity	$19,878	$29,212

Unaudited_Statements_of_Operat

Unaudited Statements of Operations and Retained Earnings (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenue	'	'	'	'
Interest income	$427	$629	$1,483	$2,091
Expenses reimbursed	3	8	12	21
Net operating revenues	430	637	1,495	2,112
Expenses	'	'	'	'
Administrative expenses	-3	-8	-12	-21
Amortization of debt issue costs	-21	-20	-63	-62
Interest expense	-406	-609	-1,420	-2,029
Total operating expenses	-430	-637	-1,495	-2,112
Net income	0	0	0	0
Retained earnings, beginning of period	0	0	0	0
Retained earnings, end of period	$0	$0	$0	$0

Unaudited_Statements_of_Cash_F

Unaudited Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Statement of Cash Flows [Abstract]	'	'
Net income	$0	$0
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Amortization of deferred debt issue costs	63	62
Amortization of issue discount on loan receivable	-63	-62
Changes in operating assets and liabilities:	'	'
Interest receivable	-203	-405
Other current assets	11	-3
Accrued interest	203	405
Other current liabilities	-11	3
Net cash provided by operating activities	0	0
Cash flows from investing activities	'	'
Collections on Term Loans	9,526	9,526
Net cash provided by investing activities	9,526	9,526
Cash flows from financing activities	'	'
Repayment of Term Notes	-9,526	-9,526
Net cash used in financing activities	-9,526	-9,526
Net change in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	1	1
Cash and cash equivalents at end of period	1	1
Supplemental disclosure of cash flow information	'	'
Interest paid	$1,217	$1,624

DESCRIPTION_OF_BUSINESS_AND_BA

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	'
	1.           DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
	California Petroleum Transport Corporation (the "Company"), which is incorporated in Delaware, is a special purpose corporation that was organized solely for the purpose of issuing, as agent on behalf of CalPetro Tankers (Bahamas I) Limited, CalPetro Tankers (Bahamas II) Limited, CalPetro Tankers (Bahamas III) Limited and CalPetro Tankers (IOM) Limited (each an "Owner" and, together the "Owners"), $167,500,000 Serial First Preferred Mortgage Notes, or the Serial Notes, and $117,900,000 8.52% First Preferred Mortgage Notes due in 2015, which we refer to as the Term Notes and together with the Serial Notes as the Notes. The Serial Notes were fully repaid April 1, 2006. The proceeds from the sale of the Notes were applied by way of long-term loans, being Serial Loans in respect of the Serial First Preferred Mortgage Notes and Term Loans in respect of the First Preferred Mortgage Notes due in 2015, to the Owners to fund the acquisition of four vessels (the "Vessels") from Chevron Transport Corporation ("Chevron").
	Currently, the Owners charter three of the Vessels to Chevron under bareboat charters that are expected to provide sufficient payments to cover the Owners' obligations to the Company. CalPetro Tankers (Bahamas I) Limited, CalPetro Tankers (Bahamas II) Limited and CalPetro Tankers (IOM) Limited received no notice from Chevron to terminate their bareboat charters by the required dates. Consequently, the charters will continue until April 1, 2015.
	The fourth Vessel (the "Front Voyager") was chartered under a bareboat charter to Front Voyager Inc. (the "Charterer"), a wholly owned subsidiary of Frontline Ltd. (the "Front Voyager Charter"). Pursuant to the Front Voyager Charter, the Charterer agreed to charter the Front Voyager as of April 1, 2006 for an initial two-year period (the "Initial Period") with a further seven annual optional periods. The charterhire payable for the Initial Period was $5.05 million. This was prepaid in full on March 31, 2006. On March 25, 2009, the Charterer exercised its option to extend the charter for the second one-year optional period beginning April 1, 2009 at a cost of $1.8 million. On January 5, 2010, the Charterer gave notice that it would terminate the charter and paid a termination fee of $4.9 million on April 1, 2010 in accordance with the bareboat charter. A Memorandum of Agreement, dated March 15, 2010, was signed regarding the sale of the Front Voyager for $8.3 million and delivery to the buyer occurred on April 8, 2010. After the sale of Front Voyager, the Owner, CalPetro Tankers (Bahamas III) Limited, will continue in existence but will not actively engage in any business other than in connection with ongoing corporate affairs.
	The Company's only source of funds with respect to the Term Notes is the payment of the principal and interest on the Term Loans by the Owners. The Company does not have any other source of capital for payment of the Term Notes. The Owners' only sources of funds with respect to its obligation to the Company are the payments by Chevron. The Owners do not have any other source of capital for payment of the Term Loans.
	The interim financial statements of the Company have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. These financial statements are unaudited and should be read in conjunction with the audited financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2012. The Company follows the same accounting policies in the preparation of interim reports. In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial condition, results of operations and cash flows of the Company for the interim periods presented and are not necessarily indicative of a full year's results.

PRINCIPAL_ACCOUNTING_POLICIES

PRINCIPAL ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
Principal Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	2.           PRINCIPAL ACCOUNTING POLICIES
	(a)           Revenue and expense recognition
	Interest receivable on the Term Loans is accrued on a daily basis.  Interest payable on the Term Notes is accrued on a daily basis. The Owners reimburse the Company for general and administrative expenses incurred on their behalf.
	(b)           Deferred charges
	Deferred charges represent the capitalization of debt issue costs. These costs are amortized over the term of the Term Notes to which they relate on a straight line basis, which is not materially different to the effective interest rate method.
	(c)           Reporting and functional currency
	The reporting and functional currency is the United States dollar.
	(d)           Use of estimates
	The preparation of financial statements in accordance with US GAAP requires the Company to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities on the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
	(e)           Recently Issued Accounting Pronouncements
	There were no new accounting standards implemented in 2013 that had an impact on our results or new accounting standards to be implemented in the future that we expect to have an impact on our results when adopted.

TERM_LOANS

TERM LOANS	9 Months Ended
	Sep. 30, 2013
Receivables [Abstract]	'
TERM LOANS	'
	3.           TERM LOANS
	The principal balances of the Term Loans earn interest at a rate of 8.52% per annum and are to be repaid in full on April 1, 2015.

TERM_LOANS_COLLATERAL

TERM LOANS COLLATERAL	9 Months Ended
	Sep. 30, 2013
TERM LOANS COLLATERAL [Abstract]	'
TERM LOANS COLLATERAL	'
	4.           TERM LOANS COLLATERAL
	The Term Loans are collateralized by first preferred mortgages on the Vessels to the Company. The earnings and insurance relating to the Vessels subject to the charters with Chevron have been collaterally assigned pursuant to an assignment of earnings and insurance to the Company, which in turn has assigned such assignment of earnings and insurance to The Bank of New York Mellon as the collateral trustee (the "Trustee"). The charters with Chevron and the Chevron Guarantees (where the obligations of Chevron are guaranteed by Chevron Corporation) relating to the Vessels have been collaterally assigned pursuant to the assignment of initial charter and assignment of initial charter guarantee to the Company, which in turn has assigned such assignments to the collateral trustee.  The capital stock of each of the Owners has been pledged to the Company pursuant to stock pledge agreements which have also been collaterally assigned to the Trustee.
	On October 3, 2011, pursuant to the Collateral Trust Agreement, excess funds held by the Trustee in the amount of $6.7 million allocable to CalPetro Tankers (Bahamas III) Limited became available for release from the relevant trust account as a result of sufficient funds remaining on deposit at the Trustee for the payment in full of principal and interest on the Term Notes as they become due and were released to CalPetro Tankers (Bahamas III) Limited on the same date. CalPetro Tankers (Bahamas III) Limited paid a dividend of $6.7 million on December 15, 2011.

DEFERRED_CHARGES

DEFERRED CHARGES	9 Months Ended
	Sep. 30, 2013
Deferred Costs [Abstract]	'
DEFERRED CHARGES	'
	5.           DEFERRED CHARGES
	(in thousands of $)	30-Sep-13		31-Dec-12
	Debt arrangement fees	3,400		3,400
	Accumulated amortization	(3,280	)	(3,217	)
		120		183

TERM_NOTES

TERM NOTES	9 Months Ended
	Sep. 30, 2013
Notes Payable, Noncurrent [Abstract]	'
TERM NOTES	'
	6.           TERM NOTES
	(in thousands of $)		30-Sep-13		31-Dec-12
	8.52% Term Notes due 2015		19,051		28,577
	Total debt		19,051		28,577
	Less: short-term portion		(9,526	)	(9,526	)
			9,525		19,051
	The outstanding debt as of September 30, 2013 is repayable as follows:
	(in thousands of $)
	2014	9,526
	2015	9,525
		19,051
	A make whole premium of $2.1 million for the early redemption of debt following the sale of Front Voyager by one of the Owners was paid in April 2010. In addition, fees of $0.9 million relating to the consent solicitation process relating to the sale of Front Voyager and its release from the collateral securing the Term Notes, and the redemption and cancellation of the portion of the outstanding principal amount of the Term Notes allocated to the Front Voyager were incurred in April 2010.
	The Term Notes bear interest at a rate of 8.52% per annum. Interest is payable semi-annually. The Term Notes include certain covenants such as restriction on the payment of dividends and making additional loans or advances to affiliates. At September 30, 2013 and December 31, 2012, the Company was in compliance with these covenants.
	As of September 30, 2013, the effective interest rate for the Term Notes of the Company was 8.52%.

SHARE_CAPITAL

SHARE CAPITAL	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]	'
SHARE CAPITAL	'
	7.           SHARE CAPITAL
	(in thousands of $)	30-Sep-13	31-Dec-12
	Authorized, issued and fully paid share capital:
	1,000 shares of $1.00 each	1	1

FINANCIAL_INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]	'
FINANCIAL INSTRUMENTS	'
	8.           FINANCIAL INSTRUMENTS
	Fair values
	The carrying value and estimated fair value of the Company's financial instruments at September 30, 2013 and December 31, 2012 are as follows:
	(in thousands of $)	30-Sep-13	Sept 30, 2013 Carrying Value	31-Dec-12	31-Dec-12
		Fair		Fair	Carrying
		Value		Value	Value
	Cash and cash equivalents	1	1	1	1
	Term Loans	18,439	18,931	27,883	28,394
	Term Notes	18,556	19,051	28,063	28,577
	The estimated fair value of financial assets and liabilities are as follows:
	(in thousands of $)	30-Sep-13	Level 1	Level 2	Level 3
		Fair value
	Financial assets:
	Cash and cash equivalents	1	1	—	—
	Term Loans	18,439	—	18,439	—
	Financial liabilities:
	Term Notes	18,556	—	18,556	—
	The following methods and assumptions were used to estimate the fair value of each class of financial instrument;
	Cash and cash equivalents - the carrying value is a reasonable estimate of fair value.
	Term Loans – the estimated fair value of the Term Loans is based on the quoted market prices of the Term Notes.
	Term Notes – the estimated fair value of the Term Notes is based on the market price achieved in the last significant trading of the notes (level two per ASC Topic 820).
	Concentrations of risk
	The Company's only source of funds for the repayment of the principal and interest on the Term Notes are the repayments from the Owners. The Owners only source of funds for the repayment of the principal and interest on the Term Loans due to the Company are from charterhire payments from Chevron as well as investment income and the proceeds, if any, from the sale of any of the Vessels. Accordingly, the Company's ability to service its obligations on the Term Notes is wholly dependent upon the financial condition, results of operations and cash flows from the Owners.

PRINCIPAL_ACCOUNTING_POLICIES_

PRINCIPAL ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Revenue and expense recognition	'
	(a)           Revenue and expense recognition
	Interest receivable on the Term Loans is accrued on a daily basis.  Interest payable on the Term Notes is accrued on a daily basis. The Owners reimburse the Company for general and administrative expenses incurred on their behalf.
Deferred charges	'
	(b)           Deferred charges
	Deferred charges represent the capitalization of debt issue costs. These costs are amortized over the term of the Term Notes to which they relate on a straight line basis, which is not materially different to the effective interest rate method.
Reporting and functional currency	'
	(c)           Reporting and functional currency
	The reporting and functional currency is the United States dollar.
Use of estimates	'
	(d)           Use of estimates
	The preparation of financial statements in accordance with US GAAP requires the Company to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities on the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements	'
	(e)           Recently Issued Accounting Pronouncements
	There were no new accounting standards implemented in 2013 that had an impact on our results or new accounting standards to be implemented in the future that we expect to have an impact on our results when adopted.

DEFERRED_CHARGES_Tables

DEFERRED CHARGES (Tables)	9 Months Ended
	Sep. 30, 2013
Deferred Charges [Abstract]	'
Deferred charges	'
	(in thousands of $)	30-Sep-13		31-Dec-12
	Debt arrangement fees	3,400		3,400
	Accumulated amortization	(3,280	)	(3,217	)
		120		183

TERM_NOTES_Tables

TERM NOTES (Tables)	9 Months Ended
	Sep. 30, 2013
Notes Payable, Noncurrent [Abstract]	'
Term Notes	'
	(in thousands of $)		30-Sep-13		31-Dec-12
	8.52% Term Notes due 2015		19,051		28,577
	Total debt		19,051		28,577
	Less: short-term portion		(9,526	)	(9,526	)
			9,525		19,051
Outstanding Debt	'
	The outstanding debt as of September 30, 2013 is repayable as follows:
	(in thousands of $)
	2014	9,526
	2015	9,525
		19,051

SHARE_CAPITAL_Tables

SHARE CAPITAL (Tables)	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]	'
Share Capital	'
	(in thousands of $)	30-Sep-13	31-Dec-12
	Authorized, issued and fully paid share capital:
	1,000 shares of $1.00 each	1	1

FINANCIAL_INSTRUMENTS_Tables

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]	'
Carrying Values and Estimated Fair Values of Financial Instruments	'
	The carrying value and estimated fair value of the Company's financial instruments at September 30, 2013 and December 31, 2012 are as follows:
	(in thousands of $)	30-Sep-13	Sept 30, 2013 Carrying Value	31-Dec-12	31-Dec-12
		Fair		Fair	Carrying
		Value		Value	Value
	Cash and cash equivalents	1	1	1	1
	Term Loans	18,439	18,931	27,883	28,394
	Term Notes	18,556	19,051	28,063	28,577
Estimated Fair Value of Financial Assets and Liabilities	'
	The estimated fair value of financial assets and liabilities are as follows:
	(in thousands of $)	30-Sep-13	Level 1	Level 2	Level 3
		Fair value
	Financial assets:
	Cash and cash equivalents	1	1	—	—
	Term Loans	18,439	—	18,439	—
	Financial liabilities:
	Term Notes	18,556	—	18,556	—

DESCRIPTION_OF_BUSINESS_AND_BA1

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Apr. 08, 2010	Apr. 01, 2010	Mar. 25, 2009	Apr. 01, 2006
	vessel
	Rate
Number of vessels	4	'	'	'	'
Interest rate (in hundredths)	8.52%	'	'	'	'
Number of vessels under bareboat charter	3	'	'	'	'
Initial period for charter	'	'	'	'	'2 years
Number of annual optional periods for charter	'	'	'	'	'7 years
Charterhire payable for initial period	'	'	'	'	$5,050,000
Term of optional extension period of charter	'	'	'	'1 year	'
Charter extension cost	'	'	'	1,800,000	'
Charter termination fee	'	'	4,900,000	'	'
Vessel sold	'	8,300,000	'	'	'
Term Notes [Member]	'	'	'	'	'
Mortgage notes	117,900,000	'	'	'	'
Serial Notes [Member]	'	'	'	'	'
Mortgage notes	167,500,000	'	'	'	'

TERM_LOANS_Details

TERM LOANS (Details)	9 Months Ended
	Sep. 30, 2013
	Rate
Receivables [Abstract]	'
Interest rate on term loans (in hundredths)	8.52%

TERM_LOANS_COLLATERAL_Details

TERM LOANS COLLATERAL (Details) (USD $)	Dec. 15, 2011	Oct. 03, 2011
In Millions, unless otherwise specified
TERM LOANS COLLATERAL [Abstract]	'	'
Excess fund held by trustee	'	$6.70
Dividend paid by CalPetro Tankers (Bahamas III) Limited	$6.70	'

DEFERRED_CHARGES_Details

DEFERRED CHARGES (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Deferred Finance Costs, Noncurrent, Net [Abstract]	'	'
Debt arrangement fees	$3,400	$3,400
Accumulated amortization	-3,280	-3,217
Deferred charges	$120	$183

TERM_NOTES_Details

TERM NOTES (Details) (USD $)	1 Months Ended
	Apr. 30, 2010	Sep. 30, 2013	Dec. 31, 2012
		Rate
Total debt	'	$19,051,000	$28,577,000
Less: short-term portion	'	-9,526,000	-9,526,000
Notes Payable, Noncurrent	'	9,525,000	19,051,000
Interest rate (in hundredths)	'	8.52%	'
Outstanding debt repayable [Abstract]	'	'	'
2014	'	9,526,000	'
2015	'	9,525,000	'
Total debt	'	19,051,000	28,577,000
Make whole premium for early redemption of debt	2,100,000	'	'
Fees related to consent solicitation process relating to sale of vessel	900,000	'	'
Effective interest rate (in hundredths)	'	8.52%	'
8.52% Term Notes due 2015 [Member]	'	'	'
Total debt	'	19,051,000	28,577,000
Notes Payable, Noncurrent	'	9,525,000	19,051,000
Outstanding debt repayable [Abstract]	'	'	'
Total debt	'	$19,051,000	$28,577,000

SHARE_CAPITAL_Details

SHARE CAPITAL (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Stockholders' Equity Note [Abstract]	'	'
Authorized, issued and fully paid share capital: 1,000 shares of $1.00 each	$1	$1
Ordinary shares authorized (in shares)	1,000	1,000
Ordinary shares issued (in shares)	1,000	1,000
Ordinary shares fully paid (in shares)	1,000	1,000
Ordinary shares authorized - par value (in dollars per share)	$1	$1

FINANCIAL_INSTRUMENTS_Details

FINANCIAL INSTRUMENTS (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash and cash equivalents	$1,000	'
Term Loans	18,439,000	'
Term Notes	18,556,000	'
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash and cash equivalents	0	'
Term Loans	0	'
Term Notes	0	'
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash and cash equivalents	0	'
Term Loans	18,439,000	'
Term Notes	18,556,000	'
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash and cash equivalents	1,000	'
Term Loans	0	'
Term Notes	0	'
Carrying (Reported) Amount, Fair Value Disclosure [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash and cash equivalents	1,000	1,000
Term Loans	18,931,000	28,394,000
Term Notes	19,051,000	28,577,000
Estimate of Fair Value, Fair Value Disclosure [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash and cash equivalents	1,000	1,000
Term Loans	18,439,000	27,883,000
Term Notes	$18,556,000	$28,063,000