OSG adds four Suezmax ships to fleet
Overseas Shipholding Group said it will expand its crude oil tanker fleet with the addition of four Suezmax vessels.
The vessels complement OSG's crude oil tanker fleet of ULCCs, VLCCs, Aframaxes and Panamaxes.
Ranging in size from 120,000 to 200,000 deadweight tons, Suezmaxes offer greater port flexibility than VLCCs, which carry 200,000 to 320,000 dwt and better economies of scale than smaller Aframax tankers, which range in size from 80,000 to 120,000 dwt.
New York-based OSG said it had purchased, sold and bareboat chartered-back two Suezmax tankers from Double Hull Tankers and expects to take delivery in December and early 2008.
OSG has also time chartered-in two 156,000 dwt sister ships for three years that are under construction in China, and are expected to be delivered in the fourth quarter of 2008.
Mats Berglund, head of OSG's crude oil tanker unit, said the deals make OSG 'the only ship owner in the world that can offer customers service in all crude oil tanker segments as well as lightering. In addition, the vessels enhance our ability to gather market intelligence enabling us to better understand and respond to changes in the market and to better serve the needs of our customers.'