Product Carriers

OSG Orders Four Product Carriers

Overseas Shipholding Group, Inc. will build four 73,500 dwt coated Panamax product carriers, or LR1 tankers, at the SPP Plant and Shipbuilding Co. Ltd. based in Tong Yang, South Korea. The vessels are scheduled for delivery in 2010 and 2011. As product trades continue to shift and globalize, OSG is enhancing its fleet of larger size product carriers in order to better service its customer base. Larger size product carriers are more economical for customers, are a more flexible vessel and augment the Company's diverse fleet of crude oil tankers, medium- and long-range product carriers and liquefied natural gas (LNG) vessels. The new vessels bring OSG's total fleet to 147 vessels, of which 107 are operating and an additional 40 vessels are slated for delivery between 2007 and 2011.

OSG Signs Time Charter for Four

Overseas Shipholding Group, Inc. signed an agreement with Parakou Shipping Ltd., an international shipping company based in Hong Kong, to time charter four product carriers for 10 years each. The vessels, two of which are already under construction, will be built by STX Shipbuilding Co., Ltd. in Korea and are scheduled for delivery to OSG in September and October 2006 and April and June 2007. The product carriers, all sister ships with a capacity of 51,000 dwt and six segregations

OMI Corp. Acquires Vessels

OMI Corp. has agreed to attain two 47,000-dwt product carriers from another owner that are currently under construction at Onimichi Dockyard in Japan. The vessels will be delivered to the company in September and late November 2000, upon which they will commence two time charters to an oil company. The company has also agreed to sell the 29,996-dwt product carrier Tiber, which was built in 1989, and is the last of its Polish built vessels.

STX Shipbuilding Wins Orders

According to wire reports, STX Shipbuilding of South Korea has won orders from two companies for seven chemical product carriers for a combined $210 million. Four 70,500-dwt product tankers are reportedly destined for SAF Bulk Maritime of South Africa, while three 45,800-dwt carriers are said to be going to Arminter of Monaco by the end of 2004.

Gorthon Lines Sells Forest Product Carrier

Gorthon Lines has sold the forest-product carrier Stig Gorthon on private terms. Built in Sweden 1979, the vessel, which was delivered to its new owners on September 10, 2003, has a dwt of 8,670 mton.

NASSCO Delivers Third Product Carrier

General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics (NYSE: GD), delivered the third ship of its State-class of product carriers to American Petroleum Tankers, LLC, a joint venture of the Blackstone Group.  The ship is named Sunshine State, the state nickname of Fla.   NASSCO began constructing the Sunshine State in August 2007.  At a length of 600.4 feet, the double-hulled ship has a cargo capacity of approximately 331

STX Shipbuilding Gets $266.7M Ship Order

South Korea's STX Shipbuilding Co. (067250.SE) said Wednesday that it received a $266.7M order to build six petrochemical product carriers. An STX spokesman said the South Korean shipbuilder won the order from a Hong Kong-based company, but declined to identify the company. STX will deliver the tankers - which will have the capacity to load 51,000 tons of petrochemical products - by Sept. 2009, the company said.

GE Shipping takes New Product Tanker

Great Eastern Shipping Company (GE Shipping) has taken delivery of its new building MR product tanker Jag Payal. The 37,159 DWT product tanker built at Hyundai Mipo Dockyard Co, South Korea has Ice Class 1 A notation. With the induction of Jag Payal, the company’s fleet of 44 vessels comprises 33 tankers (14 crude oil carriers, 17 product carriers, and 2 LPG carriers) and 11 drybulk carriers (1 capesize, 2 panamax, 5 handymax and 3 handysize) with an average age of 12.7 years aggregating 3

G E Shipping to Buy a Suezmax Crude Carrier

The Great Eastern Shipping Company Limited (G E Shipping) has signed a contract to buy a 1,47,092 dwt, modern (double hull) Suezmax crude tanker. The 2000 built ship is expected to join the Company's fleet during the second quarter of FY 2007-08. The decision to induct the said vessel is with the objective of modernizing the tanker tonnage and to enhance the Suezmax fleet. The company's current fleet of 46 ships with an average age of 12.2 years aggregating 3

Belships 4Q Results

Belships fourth quarter operating income was $18.98, versus $7.8 million in 4Q 2002. The company's operating result totaled $4.2m. The operating income and operating result were affected by a strong dry bulk market. The product carrier business generated an operating result of $133,000 in the fourth quarter. The gas carrier business generated an operating result of $740,000 in the same period. The improvement is primarily due to the fact that, because of previous write-downs