OSG to Build More Tankers

Thursday, February 08, 2007
(Pictured is Overseas Houston)

Overseas Shipholding Group, Inc. (OSG), signed an agreement in principle pursuant to which Aker Philadelphia Shipyard, a subsidiary of Aker American Shipping ASA, will build up to six additional Veteran Class MT-46 Jones Act Product Tankers (three fixed plus three options).

Once transferred to another Aker subsidiary, American Shipping Corporation, OSG will bareboat charter the vessels for initial terms of 10 to 15 years. The agreement in principle is subject to, among other conditions, approval by the Boards of Directors of OSG and Aker American Shipping, preparation and agreement of final documentation and relevant government approvals.

OSG also announced that a time charter agreement has been signed between OSG and BP for one more of the 46,000 dwt Jones Act commercial product tankers being built at Aker Philadelphia Shipyard. Of the original 10-ship order announced in April 2005, the BP charter brings the number of vessels OSG has chartered out to customers to nine. The first ship, the Overseas Houston, is scheduled to deliver to Shell and begin trading the week of February 26, 2007.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

NewLead Holdings Announces Commercial Competency of MT Sofia

NewLead Holdings Ltd.announced today a review of the commercial competency of one of its bitumen tanker vessels, the MT Sofia since the vessel was delivered to NewLead's fleet.

Scorpio Tankers to Acquire Product Tanker

Scorpio Tankers Inc. announced today that it has entered into an agreement to purchase an MR product tanker. The Company reached an agreement with an unrelated

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1092 sec (9 req/sec)