NEW YORK, Dec. 20, 2005 (PRIMEZONE) -- Overseas Shipholding Group, Inc. (NYSE:OSG) announced today that its joint venture with Sociedad Anonima de Navegacion Petrolera S.A. of Chile (SONAP) has changed its name to Panamax International. OSG entered the joint venture in 2005 through the acquisition of Stelmar Shipping Ltd. Together, SONAP and OSG jointly operate one of the largest and most modern Panamax tanker fleets in the world. The average age of the 14-vessel, double hull fleet is seven years compared to a world fleet average age of 12.1 years. The fleet trades crude oil and petroleum products in the Americas and the Caribbean.
As of November 30, 2005, OSG had 49 crude tankers that trade on long and medium haul routes throughout the world. The Company founded, or is a member of, Tankers International, Aframax International and Panamax International, each a commercial pool of similar size and quality vessels with different shipowners that when combined as a single fleet provides customers access to more than 100 vessels.
About OSG
Overseas Shipholding Group, Inc. (OSG) is a market leader in global energy transportation services. The Company owns and operates International Flag and U.S. Flag fleets that transport crude oil, petroleum products and dry bulk commodities throughout the world. The Company's modern fleet is comprised of 90 vessels aggregating 11.7 million deadweight tons. Organized in 1969 and headquartered in New York, New York, OSG has offices in Athens, London, Manila, Newcastle and Singapore. More information about OSG is available at the Company's web site at http://www.osg.com .