OSG charters two future Jones Act product carriers to BP
Overseas Shipholding Group has entered charter agreements with BP for two of its product carriers under construction at the Aker Philadelphia Shipyard in Pennsylvania.
The vessels will operate under the U.S.-flag in the coastal waterborne trades, which is strictly regulated by the so-called Jones Act.
Work on the Veteran MT-46 Class tankers began immediately after Aker, formerly Kvaerner Philadelphia Shipyard, and OSG announced a 10-ship program in April 2005. The first ship is scheduled for delivery in late 2006. Production of the second ship in the series has started.
“The strong commercial interest in these U.S.-built product carriers further validates our U.S.-flag expansion strategy,” said Morten Arntzen, president and chief executive officer of the New York-based carrier, in a statement. “With two other tankers in the series already chartered out to another major oil company, OSG has now signed 40 percent of the 10-ship order scheduled for completion in 2010.”