Overseas Shipholding Group
, Inc. signed an agreement with subsidiaries of Cido
Tanker Holding Co., a privately held shipping company, to time charter
two product/chemical carriers for a period of seven years, with an
additional three year extension option for each vessel. The vessels
will be built by Hyundai Mipo Dockyard in South Korea and are scheduled
to be delivered to OSG in May and June 2008.
The two vessels, the Overseas Aquarius and the Overseas Leo, will be
sister ships having a capacity of 47,000 deadweight tons and six
segregations, and will be able to transport petroleum products,
vegetable oils and IMO III chemicals. Delivery of the vessels will
increase the number of International and U.S. Flag product carriers
OSG's fleet to 52.