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.

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