Phoenix Energy Nav Joins Aframax Pool

March 3, 2004

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. "We are very pleased to welcome Phoenix Energy Navigation SA into the Aframax International Pool." The Pool's Managers noted that "the addition of Phoenix's two modern vessels to the Aframax International Pool will enable the Pool to continue to offer additional capacity to its customers and to achieve further scheduling and operating efficiencies through the continued expansion of its fleet as well as the continued strategic marketing of the Pool into new areas."

Phoenix Energy Nav Joins Aframax Pool

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