Construction Begins on Fourth Tanker in Philly

Work on the fourth tanker in Aker Philadelphia Shipyard's current build program reached a milestone with keel laying in the yard's Building Dock. The first section of the double-hulled product tanker scheduled for completion in 2008 was set in the dock adjacent to the third tanker in the series, also currently under construction. As part of the ceremony, coins were placed under the keel block recreating a long-standing tradition whereby shipbuilders hide special coins in the keel section of a ship as a permanent symbol of good fortune and safe travels. Anton Roaldset, Vice President of Procurement, represented Aker American Shipping in the ceremony, with Andrew Hake and Greg Marchese of Overseas Shipholding Group's (OSG) site office at the yard participating on OSG's behalf.

Upon completion, the MT46 Veteran Class tankers will be 600 feet in length and be capable of transporting the equivalent of 14 million gallons of liquid product. The first ship in the program, the Overseas Houston, was delivered earlier this year and is currently in service to Shell Oil Company. The series of up to 16 product tankers will be owned by American Shipping Corporation, a subsidiary of Aker American Shipping, and chartered to OSG. To date, nine of the tankers are under signed time charter, with agreements in place between OSG and Shell, BP and Tesoro.