Overseas Shipholding Group, Inc. Joins Major International Owners In Formation of Tanker Pool

Business Wire, Dec 17, 1999

NEW YORK--(BUSINESS WIRE)--December 17, 1999--

A. P. Moller, Euronav, Frontline, Overseas Shipholding Group, Inc., Osprey Maritime and Reederei "Nord" Klaus E. Oldendorff have agreed to establish "Tankers International LLC" ("Tankers") to pool their Very Large Crude Carrier (VLCC) Fleets.

The Company plans to commence operations upon receipt of required regulatory approvals which are expected by the 15th of February, 2000.

Tankers will manage a fleet of exclusively modern VLCCs numbering initially 38 vessels. As the participants take delivery of newbuildings and vessels are redelivered from period charters the fleet is expected to exceed 50 vessels by 2002.

Tankers is being established to provide customers around the globe with new and improved tools to manage shipping programs, inventories and risk.

The Company will offer its customers "one stop shopping" for high quality VLCC tonnage. The fleet size will enable Tankers to provide increased flexibility, contract of affreightment and to become a logistics partner of major customers.

Mr. Soren Skou, Vice President of A. P. Moller is to be appointed Chairman of the board of Tankers International LLC, which will comprise representatives of the participating companies involved.

Chartering negotiations will be conducted through London with a chartering representative in New York and Tokyo. Mr. E. Michael Steimler, currently President of Euronav, will be appointed Chief Executive Officer of Tankers London.