Overseas Shipholding Group (OSG) has exercised options to extend the bareboat charters of nine handysize product tankers it has on charter from Aker’s American Shipping Company (AMSC).
Five of the vessels were extended for three-year terms, from December 2019 through to December 2022, while four vessels were extended for one-year terms commencing December 2019.
Sam Norton CEO of OSG, commented: “The decision date for extending our AMSC options has been a focal point for some time. Our decision addresses the uncertainty associated with approaching contract maturities. The extension of charter agreements on all of the vessels enables continuity of our existing operations. At the same time, OSG retains continued flexibility afforded by the serial options remaining, a feature of our contracts which has always been appealing.”
AMSC has all ten of its vessels on charter to OSG, with OSG already having exercised an option on 2011-built Overseas Tampa to keep it on charter until 2025.