NEW YORK, May 3, 2004 (PRIMEZONE) -- Overseas Shipholding Group, Inc. (NYSE:OSG) announced today that it has purchased and taken delivery of two 50,000 deadweight ton U.S. Flag product tankers from Attransco, Inc. The two double bottom vessels, the S/R Galena Bay and the S/R Puget Sound, were built in 1982 and 1983, respectively, and currently are on bareboat charter to SeaRiver Maritime, Inc., a subsidiary of ExxonMobil.
"This acquisition demonstrates OSG's commitment to expand its U.S. Flag business. In light of the anticipated decline in Jones Act product tanker tonnage expected over the next few years, OSG continues to explore various options to increase its participation in this trade," said Morten Arntzen, OSG's President and Chief Executive Officer.
Headquartered in New York City, OSG is one of the world's largest marine transportation companies, with a modern fleet of 55 vessels aggregating more than nine million deadweight tons.