OSG's Panamax JV Changes Name
Friday, December 23, 2005
Overseas Shipholding Group, Inc. said 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, with an 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.