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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[ X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 333-26227
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GOLDEN STATE PETROLEUM TRANSPORT CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 13-392-7016
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(State or other jurisdiction (I.R.S. Employer
of incorporation Identification No.)
or organization)
c/o Frontline Ltd., Mercury House, 101 Front Street,
Hamilton, Bermuda
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(Address of principal executive offices)
(441) 295-6935
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(Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year if
changed since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes ____X____ No __________
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Index to Consolidated Financial Statements
Statements of Operations and Retained Earnings
for the quarters ended March 31, 2000 and 1999 3
Balance Sheets as of March 31, 2000 and December
31, 1999 4
Statements of Cash Flows for the quarters ended
March 31, 2000 and 1999 5
Notes to Financial Statements 6
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Statements of Operations and Retained Earnings
for the quarters ended March 31, 2000 and 1999
(Unaudited)
2000 1999
Revenue
Agency fees $ - $ -
________ _______
Expenses
Transaction expenses - -
________ _______
Net income $ - $ -
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Retained earnings, beginning of period - -
________ _______
Retained earnings, end of period $ - $ -
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Balance Sheets as of March 31, 2000 and December 31, 1999
(Unaudited)
2000 1999
ASSETS
Cash $ 2 $ 2
________ _______
Total assets $ 2 $ 2
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LIABILITIES AND STOCKHOLDERS' EQUITY
Stockholders' equity
Common stock, no par value; 100 shares authorized;
2 Shares issued and outstanding $ 2 $ 2
Retained earnings - -
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Total stockholders' equity 2 2
________ _______
Total liabilities and
stockholders' equity $ 2 $ 2
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5
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Statements of Cash Flows
for the quarters ended March 31, 2000 and 1999
(Unaudited)
2000 1999
Cash flows from operating activities
Net income $ - $ -
Change in operating assets
and liabilities - -
________ _______
Net cash provided by operating
activities - -
________ _______
Cash flows from financing activities
Capital contribution - -
________ _______
Net cash provided by financing
activities - -
________ _______
Cash at beginning of period 2 2
________ _______
Cash at end of period $ 2 $ 2
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Notes to Interim Financial Statements (unaudited)
1. The Company
Golden State Petroleum Transport Corporation (the "Company")
was incorporated under the laws of the State of Delaware on
December 5, 1996. The Company is a special purpose
corporation that has been organized solely for the purpose of
issuing certain mortgage notes as agent for two affiliated
entities, Golden State Petro (IOM I-A) PLC and Golden State
Petro (IOM I-B) PLC (collectively, the "Owners"). The
mortgage notes were issued on December 24, 1996 and January
6, 1997 and proceeds therefrom were used by the Owners to
finance the construction and acquisition of two very large
crude carriers for charter to an unaffiliated third party.
The mortgage notes are not obligations of, and are not
guaranteed by, the Company.
The Company is a wholly-owned subsidiary of Golden State
Holdings I, Limited, and Isle of Man holding company, which
is a wholly-owned subsidiary of Independent Tankers
Corporation ("ITC").
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Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Inapplicable
Item 3. Quantitative and Qualitative Disclosures about Market
Risk.
Inapplicable
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 2. Changes in Securities and Use of Proceeds.
Inapplicable
Item 3. Defaults Upon Senior Securities.
Inapplicable
Item 4. Submission of Matters to a Vote of Security Holders.
Inapplicable
Item 5. Other Information.
None
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits and reports to be filed: none
(b) Reports on Form 8-K: none
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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 thereunto duly authorized.
Golden State Petroleum Transport Corporation
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(Registrant)
Date May 15, 2000 By /s/ Kate Blankenship
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Kate Blankenship
Director and Secretary
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02089007.AB9
