NEW YORK, June 16, 2006 (PRIMEZONE) -- Overseas Shipholding Group, Inc. (NYSE:OSG), a market leader in providing energy transportation services, today announced that it signed agreements with subsidiaries of Cido Tanker Holding Co., a privately held shipping company, to time charter two product/chemical carriers for a period of 10 years. The vessels will be built by Hyundai Mipo Dockyard in South Korea and are scheduled to be delivered to OSG in April and July 2009.
The two vessels, the Overseas Polaris and the Overseas Pisces, will be sister ships having a capacity of 47,000 deadweight tons and six segregations, and will be able to transport petroleum products, vegetable oils and IMO III chemicals. Delivery of the vessels will increase the number of International and U.S. Flag product carriers in OSG's fleet to 54.
Members of OSG's management, including Lois Zabrocky, Head of OSG's International Product Carrier Strategic Business Unit, and Ng Kam Hong, Managing Director of OSG's Singapore office, attended a contract signing ceremony yesterday in Tokyo, Japan. Attending from Cido were Messrs. Hyuk Kwon, President of Cido Shipping (H.K.) Co., Limited and Ryuji Mori, Senior Director, Cido Shipping (Japan) Co., Ltd.
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 865,000 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.