The company's principal activity is to issue serial mortgage and term mortgage notes as an agent on behalf of the owners and loan the proceeds of the notes to the owners. It is a special purpose corporation that has been organized solely for the above purpose. The owners of the company are calpetro tankers (bahamas i) limited, calpetro tankers (bahamas ii) limited, calpetro tankers (bahamas iii) limited and calpetro tankers (iom) limited.