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September 9, 2008

Korea Line joins CPI tanker pool

Overseas Shipholding Group, Inc. (NYSE: OSG) says that Korea Line Corporation has joined Clean Products International (CPI), a commercial pool formed in 2006 by OSG and Ultragas Group. The CPI pool is geographically focused on trading refined petroleum products in the Americas and now totals eight medium-range (MR) Handysize tankers. The relationship with Korea Line will be further expanded when two additional newbuilds are be chartered-in, one by OSG and one by Ultragas, and join the pool in the first half of 2009. The additions will bring the pool to 10 vessels.

Korea Line Corporation is one of the largest specialized ship operators in Korea and is also a member of Tankers International, a commercial pool of very large crude carriers (VLCCs) in which OSG was a founding member.

Members of OSG's management, including Lois Zabrocky, Senior Vice President and Head of International Product Carrier Strategic Business Unit, Noel Capellini, Vice President and CPI pool Manager and Ng Kam Hong, Managing Director, attended a signing ceremony this evening in New York. Attending from Korea Line were Messrs. Park Jae-Min, Senior Executive Vice President and Cho Yong-Tack, Vice President, Head of Gas and Oil Carriers Team. Mr. Park BH, Director of Cass Maritime Seoul Ltd, Mr. Michael Schröder, General Manager of Ultragas and other members of OSG's products commercial group also attended the ceremony.


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