The new vessels will be built in the shipyard of New Times Shipbuilding Co., Ltd., in Jinjiang, China. They will increase OSG’s Aframax fleet to 21 tankers active in the Atlantic basin, and OSG’s total fleet size to 113 ships.
OSG has decided to sell two of its older Aframax tankers, the company said in a statement.
The four tankers will be built using the new Common Structural Rules established by the International Association of Classification Societies for all tankers and bulk carriers ordered after April 1. The new rules have stricter hull strength requirements and make more uniform technical criteria for double-hull tankers that had previously differed from one classification society to another.
“The newbuild price we were able to negotiate was significantly less than the $75 million rates being quoted in the market today for less efficient vessels that are not CSR-compliant,” said Mats Berglund, head of OSG’s Crude Transportation Strategic Business unit.
“After the sale of the older tankers, our marginal investment will more than double the commercial life of the vessels. Furthermore, the new ships are faster and have a larger carrying capacity and a shallower draft than the vessels we intend to sell,” Berglund explained.
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The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
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