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Feb 13, 2007 11:57 AM

Aker American Shipping ASA subsidiary, Aker Philadelphia Shipyard, will construct up to six additional Veteran Class MT-46 Jones Act Product Tankers (three fixed plus three options) and transfer them to another subsidiary, American Shipping Corp, which will bareboat charter them to subsidiaries of Overseas Shipholding Group Inc for initial terms of 10-15 years.

OSG also announced that a time charter agreement has been signed between OSG and BP for one more of the prior order of 10, 46,000 dwt (deadweight tonnage) Jones Act commercial product tanker being built at Aker Philadelphia Shipyard. To date, nine of the 10 vessels due for completion in 2010 now have signed-time charters in place.