NEW YORK, March 3, 2004 (PRIMEZONE) -- 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. (NYSE:OSG) jointly announced today 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."
Founded in 1996 by PDVM and OSG, the Aframax International Pool is a leading operator of modern Aframax vessels trading mostly in the Atlantic Basin. The Pool has been able to supplement its base load cargoes with backhauls and contracts of affreightment, enhancing vessel utilization and thereby generating higher revenues. Among its major customers are Petroleos de Venezuela S.A., Citgo Petroleum, Petro-Canada, ExxonMobil and Shell.