NEW YORK, April 29, 2004 (PRIMEZONE) -- Overseas Shipholding Group, Inc. (NYSE:OSG) announced today that it has agreed, jointly with its Tankers International pool partner Euronav, to acquire four modern double hull Ultra Large Crude Carriers (ULCCs) of 442,000 deadweight tons from the Hellespont Group. These unique three million barrel vessels, three built in 2002 and one in 2003, will be renamed TI Africa, TI Americas, TI Asia and TI Europe and will trade in the Tankers International VLCC pool ("TI"), increasing the size of the pool to over 46 vessels.
"These modern ULCCs will enable the TI pool to offer its customers a lower delivered cost per barrel on long haul routes," said OSG's President and Chief Executive Officer, Morten Arntzen. "At the same time, by integrating these vessels into its fleet, TI can significantly expand the market for ULCCs and provide better service to its customers."
"OSG and Euronav are committed to providing customers innovative solutions to lower the cost of transporting their crude oil," said Arntzen. "By acquiring these four modern ULCC vessels, we can offer our customers a service not available from others."
The four vessels incorporate many design features intended to extend their trading lives and enhance their safety and efficiency in the long haul crude trade. These vessels are capable of carrying cargoes 50% larger than those carried by VLCCs.
OSG and Euronav expect to take delivery of these vessels this summer, subject to satisfaction of customary closing conditions. Based in New York City, with a modern fleet of 53 vessels aggregating nine million deadweight tons, OSG is one of the world's largest marine transportation companies.