Overseas Shipholding Group signed time
charter agreements with Tesoro Maritime for two more of the 10
Jones Act commercial product tankers being built at Aker Philadelphia Shipyard. With two additional two-ship time charters announced previously with Shell Oil and BP Shipping, 60% of the 10-ship order due for completion in 2010 has signed charter agreements in place. Work on the Veteran MT-46 Class tanker vessels commenced soon after Aker and OSG announced the 10-ship, $1b order in April 2005. The company said construction on two ships in the series was well on track. The steel cutting for the third vessel is expected to begin this spring. (Source: TheStreet.com)