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Marine Log

February 28, 2008

OSG enters the FSO market

Overseas Shipholding Group, Inc. (NYSE: OSG - News)today announced that Maersk Oil Qatar AS has awarded two contracts to provide Floating Storage and Offloading (FSO) services on the Al Shaheen field off shore Qatar. The award has been made to a joint venture between OSG and Euronav NV.

Within the limits of its confidentiality obligations, OSG can disclose that the contract award is for eight years to be performed by two vessels, the TI Africa and the TI Asia, both 2002-built double hull Ultra Large Crude Carriers (ULCC) tankers of 442,000 dwt tons each and currently owned by OSG and Euronav, respectively.

These are two of the four largest ships of this type in the world. The quartet was built for Hellespont Shipping by Daewoo. OSG and Fednav jointly each acquired two of them in 2004 for operation in the Tankers International (TI) pool, which categorizes them as "V-plus."

The contracts provide for both vessels to be converted to FSOs and the converted vessels are expected to commence service in July and September of 2009.

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