Aframax International News

Veson Nautical, the US-based maritime software developer delivering chartering, operations and accounting solutions for cargo transportation, announced that Motia Compagnia di Navigazione based in Venice, Italy has chosen Vesonís Integrated Maritime Operations System (IMOS). Motia is the technical manager for the Netherlands-based Seaarland Shipping fleet, which implemented Vesonís IMOS last year. IMOS has been managing all aspects of cargo transportation for Seaarlandís fleet, which includes 11 handymax product tankers, 3 panamax bulk carriers, 4 Aframax Tankers, and 3 Panamax tankers. The fleet also includes 23 chartered tankers ranging from 35,000 to 160,000 dwt.

PDV Marina, S.A. (PDVM), the marine transportation subsidiary of Petroleos de Venezuela, S.A. (PDVSA), the Venezuelan state oil company, and Overseas Shipholding Group, Inc. announced that Phoenix Energy Navigation SA (Phoenix) has joined the Aframax International Pool. Phoenix has contributed two double-hulled Aframax tankers to the pool (the Phoenix Alpha and the Phoenix Beta both built in 2003), expanding the number of vessels in the Pool to 34, including committed newbuildings.

Overseas Shipholding Group, Inc. reported net income for the quarter ended March 31, 2004 of $76,188,000, or $1.99 per share, an increase of 72% compared with net income of $44,235,000, or $1.28 per share, in the first quarter of 2003. $94,216,000 in the first quarter of 2003. Morten Arntzen, President and Chief Executive Officer of OSG. "Strong charter rates for VLCCs and Aframaxes, which commenced in October 2003, prevailed throughout the first quarter and have continued into the second quarter. We have already fixed approximately 56% of VLCC open days and 52% of Aframax open days in the second quarter. "Expanding in our areas of strategic focus, we have acquired two U.S.

Women’s International Shipping and Trading Association (WISTA) USA announced that Lois K. Zabrocky of Overseas Shipholding Group, Inc. (OSG) will be the keynote speaker at its 2nd Annual Luncheon in Stamford, CT. The luncheon is being held in conjunction with this year’s Connecticut Maritime Association (CMA) Shipping 2007 Conference. The luncheon will be held on Monday, March 19 at the Westin Stamford Hotel. Lois K. Zabrocky was appointed head of OSG’s International Product Carrier Strategic Business Unit in September 2005. In this role she oversees the company’s international product carrier business which includes Panamax and Handysize tankers that transport petroleum products.

Overseas Shipholding Group, Inc. for net proceeds of approximately $168 million. tankers that are being built at the New Times Shipbuilding Co., Ltd. shipyard in Jinjiang, China. the older vessels sold. subject to the satisfaction of standard vessel sale closing conditions. between the middle of July 2006 and the middle of August 2006. sales. Alpha and the Phoenix Beta, each for three-year periods. quarter. asset management and fleet modernization programs. newbuild program includes 26 vessels across its crude, products, U.S. 2006 and 2010. tankers announced today. respectively, as of April 1, 2006.

Inc. will build four, 114,000 dwt 44-meterbeam Aframax tankers at the New Times Shipbuilding Co., Ltd. based in Jinjiang, China. International (AI) pool. bulk carriers ordered after April 1, 2006. by each classification society. million for each of the high specification tankers. vessels, aggregating 12,652,837 dwt and 864,800 cbm. worldwide with a combined fleet of 42 Aframax tankers. older Aframax tankers. vessel operating expenses. market today for less efficient vessels that are not CSR-compliant. than double the commercial life of the vessels.

Overseas Shipholding Group, Inc. announced that 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. The 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. As of November 30, 2005, OSG had 49 crude tankers that trade on long- and medium-haul routes throughout the world.

Double Hull Tankers, Inc. announced results for the period from January 1 to March 31, 2006. Total revenues for this period were $24.2 million and net income was $11.7 million, or $0.39 per share (diluted). On October 18, 2005, having completed its initial public offering, DHT acquired seven double hull crude oil tankers from Overseas Shipholding Group, Inc. (OSG) and commenced operations as an independent tanker company. DHT's modern fleet consists of three Very Large Crude Carriers (VLCCs) and four Aframax tankers. From the same date, all seven vessels have been chartered to OSG for periods ranging from five to six and one-half years.