NEW YORK, April 7, 2006 (PRIMEZONE) -- Overseas Shipholding Group, Inc. (NYSE:OSG), a market leader providing global energy transportation services, today announced that time charter agreements have been signed for two more of the ten Jones Act commercial product tankers being built at Aker Philadelphia Shipyard. The agreements were made between OSG and Tesoro Maritime Company (Tesoro), an independent refiner and marketer of petroleum products.
With two additional two-ship time charters having been previously announced with Shell Oil and BP Shipping, 60% of the ten-ship order due for completion in 2010 now has signed charter agreements in place. Work on the Veteran MT-46 Class tanker vessels began immediately after Aker and OSG announced the ten-ship, $1 billion order in April 2005. To date, construction on two ships in the series is well underway, with steel cutting for the third vessel expected to begin later this spring.
About OSG
Overseas Shipholding Group, Inc. (NYSE:OSG) is one of the largest publicly traded tanker companies in the world with an owned, operated and newbuild fleet of 113 vessels, aggregating 12.7 million dwt and 864,800 cbm. As a market leader in global energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets, the Company is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world's most customer-focused marine transportation companies, with offices in New York, Athens, London, Newcastle and Singapore. More information is available at www.osg.com.