OSG's Panamax Joint Venture Changes Name to Panamax International

Wednesday, December 28, 2005
Overseas Shipholding Group, Inc. announced that its joint venture with Sociedad Anonima de Navegacion Petrolera S.A. of Chile (SONAP) has changed its name to Panamax International. OSG entered the joint venture in 2005 through the acquisition of Stelmar Shipping Ltd. Together, SONAP and OSG jointly operate one of the largest and most modern Panamax tanker fleets in the world. The average age of the 14-vessel, double hull fleet is seven years compared to a world fleet average age of 12.1 years. The fleet trades crude oil and petroleum products in the Americas and the Caribbean. As of November 30, 2005, OSG had 49 crude tankers that trade on long- and medium-haul routes throughout the world. The Company founded, or is a member of, Tankers International, Aframax International and Panamax International, each a commercial pool of similar size and quality vessels with different shipowners that when combined as a single fleet provides customers access to more than 100 vessels.

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