Overseas Shipholding Group, Inc. Announces New Build Initiative
July 16 2018 - 4:35PM
Business Wire
Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or
“OSG”) a provider of energy transportation services for crude oil
and petroleum products in the U.S. Flag markets, announced today
that it has signed binding contracts with Hyundai Mipo Dockyard
Company Ltd. (“HMD”) for the construction of two 50,000 deadweight
tons class product chemical tankers for anticipated delivery to the
Company during the second half of 2019. These tankers will be
constructed at HMD’s Ulsan, Korea ship building facilities and will
be built to comply with MARPOL Annex VI Regulation 13 Tier III
standards regarding nitrogen oxide emissions within Emission
Control Areas. In addition, each vessel will have installed exhaust
gas cleaning systems, often referred to as “scrubbers”, to meet the
standards of MARPOL Annex VI Regulation 14 standards regarding
sulphur oxide emissions. The Company anticipates that these
vessels, following delivery, will participate as US flagged vessels
in trades served by existing Company vessels.
“OSG is committed to maintaining a leading presence in the US
Flag petroleum transportation sector,” said Sam Norton, OSG’s
President and CEO. “Our initiative to pursue construction of
modern, efficient and environmentally responsible vessels sends a
strong signal to our customers, our stockholders and our employees
that we are confident in achieving our commitment and that we have
the resources and unique skill sets to enable us to do so. We look
forward to the contribution that these vessels will make to our
long-term success once delivered.”
About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded
company providing energy transportation services for crude oil and
petroleum products in the U.S. Flag markets. OSG is a major
operator of tankers and ATBs in the Jones Act industry. OSG’s
23-vessel U.S. Flag fleet consists of seven ATBs, two lightering
ATBs, three shuttle tankers, nine MR tankers, and two non-Jones Act
MR tankers that participate in the U.S. MSP. OSG 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 and is
headquartered in Tampa, FL. More information is available
at www.osg.com.
Forward-Looking Statements
This release contains forward-looking statements as defined
under the federal securities laws. Words such as “may”, “should”,”
believes”, “estimates”, “targets”, “anticipates” and similar
expressions generally identify forward-looking statements; however,
statements other than statements of historical facts should be
considered forward-looking statements. Forward-looking statements
are based on the Company’s current plans, estimates and
projections, and are subject to change based on a number of
factors. Investors should also carefully consider the risk factors
outlined in more detail in the Annual Report on Form 10-K for OSG
and in similar sections of other filings made by the Company with
the SEC from time to time. The Company assumes no obligation to
update or revise any forward-looking statements. Forward-looking
statements and written and oral forward-looking statements
attributable to the Company or its representatives after the date
of this release are qualified in their entirety by the cautionary
statements contained in this paragraph and in other reports
previously or hereafter filed by the Company with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20180716005797/en/
Overseas Shipholding Group, Inc.Susan Allan,
813-209-0620sallan@osg.com
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