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Commercial disputes settled

Commercial disputes settled
Overseas Shipholding Group has ended its dispute with American Shipping Company (AMSC), Aker Philadelphia Shipyard and Aker Philadelphia Shipyard (APSI).

Overseas Shipholding Group has ended its dispute with American Shipping Company (AMSC), Aker Philadelphia Shipyard and Aker Philadelphia Shipyard (APSI).

Overseas Shipholding Group has ended its dispute with American Shipping Company (AMSC), Aker Philadelphia Shipyard and Aker Philadelphia Shipyard (APSI).

This agreement was signed to settle all outstanding commercial disputes between OSG and Aker and provided for the dismissal with prejudice of all the claims in the arbitration among the parties.

It also provided for certain modifications to other existing agreements between AMSC and OSG, including eliminating restrictions on OSG"s ability to purchase Jones Act product tankers, changes to the profit sharing agreement, as well as providing vessel purchase rights under specific conditions.

The settlement agreement had also received all necessary third party approvals, as well as approval from the US Coast Guard, OSG said.

As a result, OSG will purchase two Handysize product carriers, the "Overseas Cascade" and Hull 015 (tbn "Overseas Chinook"), for about $115 mill per vessel. The "Overseas Cascade" was delivered to OSG on the same day as the agreement was announced.

"Overseas Cascade" and "Overseas Chinook" will be converted into shuttle tankers and will be operated by Petrobras America under charter. Following their conversion, they will be delivered to Petrobras in the second quarters of 2010 and 2011, respectively.

They are earmarked to transport oil from Petrobras" FPSOs located in the Cascade and Chinook ultra-deepwater fields in the US Gulf of Mexico.

Of APSI"s 12-ship newbuilding programme for OSG, eight vessels have been delivered and the final four will be handed over through 2011.

In another move, subsidiary OSG Bulk Ships has purchased all the remaining shares in OSG America.

As a result, OSG's subsidiaries now own all of the economic interests of the partnership and will be entitled to all of the benefits resulting from those interests.

In addition, the units will be delisted from the New York Stock Exchange and are no longer publicly traded, OSG said.

www.TurkishMaritime.com.tr

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