Overseas Shipholding To Purchase Two VLCCs

Overseas Shipholding Group Inc. on Tuesday said it will buy two very large crude oil carriers (VLCCs) from Bergesen D.Y. ASA for a total of $156 million, through its joint venture with Frontline Ltd. and Euranov Luxumbourg SA.

The purchase of the two additional vessels from Bergesen will bring the number of new vessels acquired from Bergesen by the joint venture to six.

Overseas Shipholding said four of the ships will be delivered over the next two months and the remaining two will be delivered in February and July next year.

The joint venture, known as Tankers International LLC, has acquired a total of seven modern vessels over the past year. Each company holds a one-third interest in the venture.