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To: Lee Lichterman III who wrote (262073)	9/27/2003 10:32:32 PM
From: TobagoJack	Respond to of 436258

Hi Lee, <<tanker>> ... I am equal weight NAT, VLCCF and TK, a blend of dividends/risk (NAT/VLCCF) and good management/scale (TK, but high valuation), and am watching a bunch of others achamchen.com . I do not care for FRO even though they have a healthy yield, because I was told its management tends toward self-dealing. I am betting that the VCLLF situation will work out, as the ships have a useful life of 12 years. <<don't want to say in public>> ... I actually prefer to be challenged and am prepared for snickering, else I might make fatal mistakes :0) SI is not perfect but is another sanity check. Chugs, Jay

To: Lee Lichterman III who wrote (262073)	9/28/2003 4:00:44 PM
From: Logain Ablar	Respond to of 436258

Hi Lee: NAT IMO was and is the better investment of the two just based upon balance sheet. Its been a few years since I looked @ VLCCF but basically @ the end of the day it had all the debt to be repayed whereas the only NAT debt was from their dutch auction with its stock buy back. The shareholders would only have to sell 1 of its 3 ships vs (was it 5 @ vlccf?) Anyway NAT is now entering and annual renewal phase vs. the 7 year deal (they have one more year under the 7 year lock, but BP has to notify 1 yr in advance,). By 7 year deal the lease is 14 years with the 1st 7 guaranteed and then 1 year renewals @ BP's option (with an expense adjustment in the daily price). Since there is not a glut of double hulled suemaz tankers out there I'd say the odds favor at least a renewal for next year.