Overseas Shipholding Group announces new build initiative

|About: Overseas Shipholding Gr... (OSG)|By:, SA News Editor

Overseas Shipholding Group (OSG +0.3%) has signed binding contracts with Hyundai Mipo Dockyard Company Ltd. for the construction of two 50,000 deadweight tons class product chemical tankers for anticipated delivery to the Company during the second half of 2019.

The Company anticipates that these vessels, following delivery, will participate as US flagged vessels in trades served by existing Company vessels.

Sam Norton, OSG’s President and CEO said, “Our initiative to pursue construction of modern, efficient and environmentally responsible vessels sends a strong signal to our customers, our stockholders and our employees that we are confident in achieving our commitment and that we have the resources and unique skill sets to enable us to do so. We look forward to the contribution that these vessels will make to our long-term success once delivered.”

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