UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
April 27, 2005
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Date of Report (Date of earliest even reported)
California Petroleum Transport Corporation
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(Exact name of registrant as specified in its charter)
Delaware 033-79220 04-3232976
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(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Suite 3218, One International Place, Boston, Massachusetts, 02110-2624
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(Address of principal executive offices)
(617) 951-7690
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Registrant's telephone number, including area code
Item 8.01 Other Events
On April 21, 2005, pursuant to Clause 2 (a) (ii) of the bareboat charter dated
April 5, 1995 between CalPetro Tankers (Bahamas III) Limited ( the "Owner") and
Chevron Transport Corporation Ltd ("Chevron"), the Owner received irrevocable
notice from Chevron regarding the termination of the bareboat charter of the
vessel Virgo Voyager on April 1, 2006.
Frontline Ltd (the "Manager"), as the appointed manager to the Owner, will
attempt to arrange for an acceptable replacement charter. Should an acceptable
replacement charter be unavailable, the Manager will solicit bids for the sale
of the vessel and if there are no bids that provide net proceeds that, together
with the termination payment, at least equal the allocated principal amount of
the Registrant's term mortgage notes plus any interest accrued, the Manager will
forward to the appointed Indenture Trustee copies of all bids for the recharter
of the vessel. Unless instructed by all the holders of the Term Mortgage Notes
to accept a sale bid that is below the required minimum bid, the Manager will
attempt to recharter the vessel on such terms as it deems appropriate provided
that
(i) such charter is at arms length;
(ii) such charter shall have a termination date no later than April 1,
2015; and
(iii) the charterhire payable is sufficient to make the mandatory
sinking fund payments together will all related interest,
recurring fees and taxes for the vessel and the cost of insurance
not maintained by the charterer, management fees and technical
advisor's fees and the fees of the designated representative, the
indenture trustee and the collateral trustee as defined in the
prospectus for the Registrant's 8.52% First Preferred Mortgage
Notes due 2015.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorised.
California Petroleum Transport Corporation
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(Registrant)
Date: April 27, 2005 By: /s/ R Douglas Donaldson
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R Douglas Donaldson
Treasurer and Principal Financial Officer
02089.0006 #566924