First OSG tanker named

The naming ceremony was held for the first product tanker in American Shipping Corporation?s 10 ship series. Aker Philadelphia Shipyard achieved another significant milestone in the build program with keel laying for the third vessel in the series. The first section of the double- hulled product tanker scheduled for completion in late 2007 was lowered into the yard’s building dock where the second in the series is under construction.

The first of the 46,000 dwt product tankers was formally named ?Overseas Houston? and will be delivered by the end of 2006. All 10 product tankers in the series will be owned by American Shipping Corporation, a subsidiary of Aker American Shipping, and chartered to OSG. To date, eight of the 10 tankers in the build program are under signed time charter, with agreements in place between OSG and Shell, BP and Tesoro.