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Marine Log

June 2, 2008

OSG and Seaarland in Suezmax pool

Overseas Shipholding Group, Inc. (NYSE:OSG) and Amsterdam-based Seaarland Shipping Management have set up Suezmax International, a commercial pool that will initially operate eight tankers.

The Suezmax International Pool is co-managed by OSG Ship Management Inc. in New York and Seaarland Shipping Management BV in Amsterdam. OSG and Seaarland have committed eight ships to the pool so far: the Overseas London, Overseas Newcastle, Genmar Hope, Elisewin, and four newbuildings due for delivery from Nantong Rongsheng Shipbuilding, China during 2009.

Seaarland ordered three 165,000 dwt suezmax tankers on May 30. To be built at Hyundai Heavy Industriesfor delivery in the 2nd, 3rd and 4th quarter 2011, they are intended for the new pool.

Antonio Zacchello, managing director of Seaarland Shipping Management, says, "The Suezmax International pool will benefit our customers by providing a cohesive, high quality, competitively priced solution to their logistical requirements. Seaarland and OSG will benefit from improved scheduling and the bulk buying of goods and services including bunkers, agency and port expenses."

The Suezmax International pool will have two chartering offices. Elodie Magere will be the New York-based Chartering Manager of the Pool and the Chartering Manager for Europe, Andrea Vaccari, will be based in Amsterdam.

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