November 29, 2000

Flying Dolphin VP in apparent suicide
Add another to the death toll from the Express Samena, the Greek ferry that hit the rocks two months ago with the loss of eighty lives.

The BBC is reporting that Pantelis Sfinias, a Vice President of Minoan Flying Dolphins, owner of the Express Samena, has died after jumping from the sixth floor of his office building. He had been named in a suit brought by relatives of those killed in the disaster.

The BBC reports police as believing that Sfinias's death was a suicide, though other causes have not yet been ruled out.

OSG takes over two VLCC newbuildings
Overseas Shipholding Group, Inc. (OSG) confirmed yesterday that contracts have now been signed whereby it has acquired from American Eagle Tankers, Inc. (AET) the contract rights to two 318,000 dwt VLCC newbuildings. These will be delivered by Hyundai Heavy Industries of Korea in the first and fourth quarters of 2002. The two contracts were part of a two, option two, ship order announced by AET, a subsidiary of Neptune Orient Lines, earlier this year.

OSG said the newbuildings will participate in the Tankers International VLCC Pool, established in February of this year by OSG and five other leading VLCC owners.

OSG's current orderbook now stands at four VLCCs and four shallow draft 44-meter beam Aframax tankers, all scheduled for delivery in 2001 and 2002. On delivery of these newbuildings, OSG's VLCC and Aframax fleets will each average under five years of age, versus today's world fleet average age of more than 12 years, and over 90% of OSG's tankers will be protected by double hulls, double sides or double bottoms.

OSG is the leading U.S. based independent tanker company with a fleet of 41 vessels aggregating 5.2 million dwt, plus eight newbuildings that bring the fleet total to 49 vessels and 6.9 million dwt.

Bergesen declares option for second LNG carrier
Earlier this year Bergesen ordered one LNG-carrier of 138.000 cbm at Daewoo Shipbuilding & Marine Engineering Co. Ltd, Korea, for delivery in first quarter of 2003. The vessel will from delivery be employed on a minimum 20 year charter contract.

Bergesen has today declared an option for a second vessel of the same type and size.

The vessel will be delivered in second quarter of 2003.

The contract price is about $155 million.

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