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NEW YORK--(BUSINESS WIRE)--Sep. 9, 2009--
Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader in
providing energy transportation services, today announced it has entered
into a $389 million, 12-year secured facility with The Export-Import
Bank of China (China Exim Bank). The facility is the first financing
arrangement that China Exim Bank has extended to a U.S. company.
Borrowings under the facility will be used toward financing three VLCCs
and two Aframax crude oil tankers constructed in China. The two
Aframaxes are the Overseas Yosemite and Overseas Yellowstone, delivered
in the first half of 2009.
Myles Itkin, Chief Financial Officer of OSG, stated, “We are pleased to
establish a new relationship with China Exim Bank. This facility not
only solidifies OSG’s commitment to China in trade, finance and business
development, it extends the maturity profile of our outstanding debt,
providing ample resources to fuel growth. This financing underscores
OSG’s strong financial profile, superior access to long-term debt
capital and our ongoing commitment to shareholders to aggressively
manage liquidity and balance sheet strength.” Itkin continued, “China
has established itself as a major player in the shipbuilding industry.
We welcome the opportunity to participate in its continued growth
through this new business relationship.”
A formal signing ceremony took place in Beijing on August 10, 2009 and
was attended by OSG representatives Messrs. Morten Arntzen, President
and CEO and Erik Broekhuizen, Vice President. Representatives from China
Exim Bank included Messrs. Zhu Xinqiang, Vice President, Fei Zhaohui,
Deputy General Manager International Business Department, Ms. Li Li,
General Manager Transport Finance Department, Ms. Li Dan, Division Chief
Transport Finance Department, Ms. Wang Zheng, Division Chief, Division
III, Project Evaluation Department and Mr. Wu Hongliang, Senior Credit
Officer Transport Finance Department.
About OSG
Overseas Shipholding Group, Inc. (NYSE: OSG), a Dow Jones Transportation
Index company, is one of the largest publicly traded tanker companies in
the world. As a market leader in global energy transportation services
for crude oil, petroleum products and gas in the U.S. and International
Flag markets, OSG is committed to setting high standards of excellence
for its quality, safety and environmental programs. OSG is recognized as
one of the world’s most customer-focused marine transportation companies
and is headquartered in New York City, NY. More information is available
at www.osg.com.
Source: Overseas Shipholding Group, Inc.
OSG Ship Management, Inc.
Jennifer L. Schlueter, +1-212-578-1699
Vice
President Corporate Communications and Investor Relations
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