0000919574-12-004578.txt : 20120809 0000919574-12-004578.hdr.sgml : 20120809 20120809172531 ACCESSION NUMBER: 0000919574-12-004578 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120809 DATE AS OF CHANGE: 20120809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDEN STATE PETROLEUM TRANSPORT CORP CENTRAL INDEX KEY: 0001038286 STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400] IRS NUMBER: 133927016 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-26227 FILM NUMBER: 121021659 BUSINESS ADDRESS: STREET 1: C/O FRONTLINE LTD STREET 2: 101 FRONT STREET CITY: HAMILTON BERMUDA HM STATE: NY ZIP: 10022 BUSINESS PHONE: 2125086300 MAIL ADDRESS: STREET 1: 65 EAST 55TH ST STREET 2: STE 3300 CITY: NEW YORK STATE: NY ZIP: 10022 10-Q 1 d1311491_10-q.htm d1311491_10-q.htm
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended
June 30, 2012

Or

[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from
 
to
 

Commission File Number:
333-26227

Golden State Petroleum Transport Corporation
(Exact name of registrant as specified in its charter)

Delaware
13-392-7016
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
c/o Frontline Ltd., 14 Par-la-Ville Road, Hamilton, Bermuda, HM 08
(Address of principal executive offices) (Zip Code)
 
 
(441) 295-6935
(Registrant's telephone number, including area code)
 
 
 
(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.

[X] Yes   [_] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[X ] Yes   [_] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non- accelerated filer. See the definitions of "large accelerated filer", "accelerated filer", "non-accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer
[_]
 
Accelerated filer
[_]
Non-accelerated filer
[X]
 
Smaller reporting company
[_]
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

[_] Yes   [X] No

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

[_] Yes   [_] No

Number of shares outstanding of each class of Registrant's Common Stock as of August 9, 2012:

2 shares of Common Stock, $0.00 par value per share


The Registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing the form with the reduced disclosure format.
 
 
 
 


 
Golden State Petroleum Transport Corporation
Quarterly Report on Form 10-Q

 
 
 
Page
Part I
Financial Information
 
Item 1
Financial Statements
2
Item 2
Management's Discussion and Analysis of Financial Condition and Results of Operations
5
Item 3
Quantitative and Qualitative Disclosures about Market Risk
5
Item 4
Controls and Procedures
6
 
 
 
Part II
Other Information
 
Item 1
Legal Proceedings
6
Item 1A
Risk Factors
6
Item 2
Unregistered Sales of Equity Securities and Use of Proceeds
6
Item 3
Defaults Upon Senior Securities
6
Item 4
Mine Safety Disclosures
6
Item 5
Other Information
6
Item 6
Exhibits
7
 
 
 
Signatures
 
8
 
 
 
 
 
 





 
 
 


 
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this report may constitute forward-looking statements.  The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business.  Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

Golden State Petroleum Transport Corporation, or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation.  This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance.  When used in this report, the words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "may," "should", "expect" and similar expressions identify forward-looking statements.

The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties.  Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors and matters discussed elsewhere herein and in the documents incorporated by reference herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charterhire rates and vessel values, changes in demand in the tanker market, including changes in demand resulting from changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in the Company's operating expenses, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, or the Commission.




 
1
 
 
Item 1 – Financial Statements

Golden State Petroleum Transport Corporation
Unaudited Balance Sheets as of June 30, 2012 and December 31, 2011

 
 
 
(in US$)
  
June 30,
2012
 
 
December 31, 2011
 
 
  
 
 
 
 
 
ASSETS
  
 
 
 
 
 
Current assets:
  
 
 
 
 
 
Cash and cash equivalents
  
2
 
 
2
 
Total assets
  
2
 
 
2
 
 
  
 
 
 
 
 
LIABILITIES AND EQUITY
  
 
 
 
 
 
Equity:
  
 
 
 
 
 
Common stock, $0.00 par value; 100 shares authorized, two shares issued and outstanding
  
2
 
 
2
 
Total liabilities and equity
  
2
 
 
2
 




See accompanying notes to the unaudited financial statements





 
2
 
 
Golden State Petroleum Transport Corporation
Unaudited Statements of Operations and Retained Earnings for the three and six month periods ended June 30, 2012 and 2011
 
 (in US$)


 
Three month period
ended June 30,
Six month period
ended June 30,
 
2012
2011
2012
2011
Revenue
 
 
 
 
       Agency fees
-
-
-
-
 
 
 
 
 
Expenses
 
 
 
 
       Transaction expenses
-
-
-
-
 
  -
  -
  -
  -
Net income
-
-
-
-
 
 
 
 
 
Retained earnings, beginning of period
-
-
-
-
Retained earnings, end of period
-
-
-
-



See accompanying notes to the unaudited financial statements

 




 
3
 
 
Golden State Petroleum Transport Corporation
Unaudited Statements of Cash Flows for the six month periods ended June 30, 2012 and 2011
 
 
 (in US$)
 
Six month period ended
June 30,
 
 
 
2012
 
 
2011
 
Net income
 
 
-
 
 
 
-
 
       Net cash provided by operating activities
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
       Net cash provided by investing activities
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
       Net cash used in financing activities
 
 
-
 
 
 
-
 
Net change in cash and cash equivalents
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
 
 
2
 
 
 
2
 
Cash and cash equivalents at end of period
 
 
2
 
 
 
2
 




See accompanying notes to unaudited financial statements

 


 
4
 
 
Golden State Petroleum Transport Corporation
Notes to the unaudited financial statements

Description of business and basis of preparation

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 was organized solely for the purpose of issuing, as agent for two affiliated entities, Golden State Petro (IOM I-A) PLC and Golden State Petro (IOM I-B) PLC (collectively, the "Owners"), Serial and Term mortgage notes (together, the "Notes").  These Notes were issued on December 24, 1996 and January 6, 1997 and the proceeds 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 Serial Notes were fully repaid on February 1, 2006.

The Company is a wholly-owned subsidiary of Golden State Holdings I, Limited, an Isle of Man holding company, which is a wholly-owned subsidiary of Independent Tankers Corporation ("ITC"). ITC is controlled by Frontline Ltd. ("Frontline"), a publicly listed Bermuda company.

In February 2008, Frontline established an intermediary holding company, Independent Tankers Corporation Limited ("ITCL"), to hold its investment in ITC. Frontline then distributed 17.53% of ITCL's common shares to Frontline's common shareholders. These shares trade on the Norwegian over-the-counter market.

In accordance with a management agreement between each of the Owners and Frontline, Frontline provides administrative, management and advisory services to the Owners at an annual fee of $50,000 each, payable semi-annually.  All costs of administering the Owners and the Company are payable by Frontline from the management fee.  The management agreement is effective until termination by either party upon 30 days prior written notice.

The interim financial statements of the Company have been prepared in accordance with generally accepted accounting principles 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, 2011. 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. The Company does not have any Other Comprehensive Income.

Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

Not applicable.

Item 3.    Quantitative and Qualitative Disclosures about Market Risk

Not applicable.


 
5
 

Item 4.  Controls and Procedures

(a) Disclosure Controls and Procedures

Our management, including our principal executive and financial officers, with the participation of our manager, Frontline, assessed the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended, as of June 30, 2012.  Based upon that evaluation, our principal executive and financial officers concluded that the Company's disclosure controls and procedures were effective as of June 30, 2012.

 (b) Changes in Internal Control over Financial Reporting

There were no changes in our internal controls over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
 
 
PART II – OTHER INFORMATION

Item 1.    Legal Proceedings

None.

Item 1A. Risk Factors

Management of the Company does not believe there have been any material changes in the risk factors that were disclosed in the Company's annual report on Form 10-K for the year ended December 31, 2011, which was filed with the Commission on March 16, 2012.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.    Defaults Upon Senior Securities

None.

Item 4.    Mine Safety Disclosures

None.

Item 5.    Other Information

None.


 
6
 

Item 6.    Exhibits
 
3.1*
Certificate of Incorporation of Golden State Petroleum Transport Corporation
 
 
3.2*
Bylaws of Golden State Petroleum Transport Corporation
 
 
3.3*
Memorandum and Articles of Association of Golden State Petro (IOM I-A) PLC
 
 
3.4*
Memorandum and Articles of Association of Golden State Petro (IOM I-B) PLC
 
 
31.1
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended
 
 
31.2
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended
 
 
32.1
Certifications of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
 
32.2
Certifications of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
 
 
101.
INS**
XBRL
Instance Document
 
 
 
 
101.
SCH**
XBRL
Taxonomy Extension Schema
 
 
 
 
101.
CAL**
XBRL
Taxonomy Extension Schema Calculation Linkbase
 
 
 
 
101.
LAB**
XBRL
Taxonomy Extension Schema Label Linkbase
 
 
 
 
101.
PRE**
XBRL
Taxonomy Extension Schema Presentation Linkbase
 
* Incorporated by reference from the Registrant's Registration Statement on Form F-4, Commission File Number 333-26227, dated April 30, 1997.
   
**
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under such sections.








 
7
 


 
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
 
 
 
 
(Registrant)
 
 
  
 
 
Date
August 9, 2012
 
 
By
/s/ Kate Blankenship
 
 
 
 
 
Kate Blankenship
Director, Chief Financial Officer,
Chief Accounting Officer


 
 
Date
August 9, 2012
 
 
  By
/s/ Tor Olav Troim
 
 
 
 
 
Tor Olav Troim
Director and President





 
8
 

EX-31.1 2 d1311491_ex31-1.htm d1311491_ex31-1.htm
Exhibit 31.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

I, Tor Olav Troim, certify that:
 
1.
 
I have reviewed this Form 10-Q of Golden State Petroleum Transport Corporation;
 
2.
 
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
 
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.
 
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
 
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.
 
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
 
 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 9, 2012


/s/ Tor Olav Troim
 
Tor Olav Troim
Principal Executive Officer

 EX-31.2 3 d1311491_ex31-2.htm d1311491_ex31-2.htm
Exhibit 31.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

I, Kate Blankenship, certify that:

1.
 
I have reviewed this Form 10-Q of Golden State Petroleum Transport Corporation;
 
 
 
2.
 
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
 
 
3.
 
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
 
 
4.
 
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
 
 
 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
 
 
 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 
 
 
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
 
 
 
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
 
 
5.
 
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
 
 
 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
 
 
 
 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 9, 2012

 
 
/s/ Kate Blankenship
 
Kate Blankenship
Principal Financial Officer
 EX-32.1 4 d1311491_ex32-1.htm d1311491_ex32-1.htm
Exhibit 32.1


PRINCIPAL EXECUTIVE OFFICER CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350

 In connection with the Quarterly Report of Golden State Petroleum Transport Corporation (the "Company") on Form 10-Q for the quarter ended June 30, 2012 as filed with the Securities and Exchange Commission (the "SEC") on or about the date hereof (the "Report"), I, Tor Olav Troim, Director and President of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 
(a)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 
(b)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

Date: August 9, 2012

 
 
/s/ Tor Olav Troim
 
Tor Olav Troim
Principal Executive Officer
 EX-32.2 5 d1311491_ex32-2.htm d1311491_ex32-2.htm
Exhibit 32.2

PRINCIPAL FINANCIAL OFFICER CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the Quarterly Report of Golden State Petroleum Transport Corporation (the "Company") on Form 10-Q for the quarter ended June 30, 2012 as filed with the Securities and Exchange Commission (the "SEC") on or about the date hereof (the "Report"), I, Kate Blankenship, Director, Secretary, Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 
(a)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 
(b)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

Date: August 9, 2012

 
 
/s/ Kate Blankenship
 
Kate Blankenship
Principal Financial Officer

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Frontline then distributed 17.53% of ITCL's common shares to Frontline's common shareholders. These shares trade on the Norwegian over-the-counter market. <br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">&#160;</div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">In accordance with a management agreement between each of the Owners and Frontline, Frontline provides administrative, management and advisory services to the Owners at an annual fee of $50,000 each, payable semi-annually.&#160;&#160;All costs of administering the Owners and the Company are payable by Frontline from the management fee.&#160;&#160;The management agreement is effective until termination by either party upon 30 days prior written notice.</div><div style="text-indent: 0pt; display: block;"><br /></div><div style="text-align: left; text-indent: 0pt; display: block; font-family: Times New Roman; margin-left: 0pt; font-size: 10pt; margin-right: 0pt;">The interim financial statements of the Company have been prepared in accordance with generally accepted accounting principles 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, 2011. 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. 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Agreement Termination Notice Period Termination notice period of management agreement between the Owners and Frontline (in days) The management fee paid as part of agreement for services rendered pertaining to administrative, management and advisory services provided. Management Fees Annual management fee paid by the Owners to Frontline The percentage of distribution of common shares in a intermediary holding company to common shareholders of the parent. Percentage of distribution of common shares Frontline's distribution of ITCL' common shares (in hundredths) Represents the number of crude carriers which are acquired and constructed. Number of Crude Carriers, Acquired and Constructed Number of large crude carriers acquired and constructed The number of affiliated entities for which reporting entity acts as agent. 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Unaudited Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 2 $ 2
Total assets 2 2
Equity:    
Common stock, $0.00 par value; 100 shares authorized, two shares issued and outstanding 2 2
Total liabilities and equity $ 2 $ 2
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Description of business and basis of preparation
 6 Months Ended
Jun. 30, 2012
Description of business and basis of preparation [Abstract]  
Description of business and basis of preparation
Description of business and basis of preparation
 
 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 was organized solely for the purpose of issuing, as agent for two affiliated entities, Golden State Petro (IOM I-A) PLC and Golden State Petro (IOM I-B) PLC (collectively, the "Owners"), Serial and Term mortgage notes (together, the "Notes").  These Notes were issued on December 24, 1996 and January 6, 1997 and the proceeds 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 Serial Notes were fully repaid on February 1, 2006.

The Company is a wholly-owned subsidiary of Golden State Holdings I, Limited, an Isle of Man holding company, which is a wholly-owned subsidiary of Independent Tankers Corporation ("ITC"). ITC is controlled by Frontline Ltd. ("Frontline"), a publicly listed Bermuda company.

In February 2008, Frontline established an intermediary holding company, Independent Tankers Corporation Limited ("ITCL"), to hold its investment in ITC. Frontline then distributed 17.53% of ITCL's common shares to Frontline's common shareholders. These shares trade on the Norwegian over-the-counter market.
 
In accordance with a management agreement between each of the Owners and Frontline, Frontline provides administrative, management and advisory services to the Owners at an annual fee of $50,000 each, payable semi-annually.  All costs of administering the Owners and the Company are payable by Frontline from the management fee.  The management agreement is effective until termination by either party upon 30 days prior written notice.

The interim financial statements of the Company have been prepared in accordance with generally accepted accounting principles 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, 2011. 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. The Company does not have any Other Comprehensive Income.
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Description of business and basis of preparation (Details) (USD $)
 6 Months Ended
Jun. 30, 2012
Feb. 29, 2008
Description of business and basis of preparation [Abstract]    
Number of affiliated entities which reporting entity acts as agent 2  
Number of large crude carriers acquired and constructed 2  
Frontline's distribution of ITCL' common shares (in hundredths)   17.53%
Annual management fee paid by the Owners to Frontline $ 50,000  
Termination notice period of management agreement between the Owners and Frontline (in days) 30 days  
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Unaudited Balance Sheets (Parenthetical) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Stockholder's equity    
Common stock, par value (in dollars per share) $ 0.00 $ 0.00
Common stock, shares authorized (in shares) 100 100
Common stock, shares issued (in shares) 2 2
Common stock, shares outstanding (in shares) 2 2
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Document and Entity Information
 6 Months Ended
Jun. 30, 2012
Aug. 09, 2012
Document and Entity Information [Abstract]    
Entity Registrant Name GOLDEN STATE PETROLEUM TRANSPORT CORP  
Entity Central Index Key 0001038286  
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  
Entity Common Stock, Shares Outstanding   2
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q2  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2012  
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Unaudited Statements of Operations and Retained Earnings (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenue        
Agency fees $ 0 $ 0 $ 0 $ 0
Expenses        
Transaction expenses 0 0 0 0
Net income 0 0 0 0
Retained earnings, beginning of period 0 0 0 0
Retained earnings, end of period $ 0 $ 0 $ 0 $ 0
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Unaudited Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Unaudited Statements of Cash Flows [Abstract]    
Net income $ 0 $ 0
Net cash provided by operating activities 0 0
Net cash provided by investing activities 0 0
Net cash used in financing activities 0 0
Net change in cash and cash equivalents 0 0
Cash and cash equivalents at beginning of period 2 2
Cash and cash equivalents at end of period $ 2 $ 2
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