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.

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