OSG's Panamax Joint Venture Changes Name to Panamax International
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.
OSG's Panamax JV Changes Name
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.
