Greek Shipping News Cuts
Week 09 - 2007

 

Crew rescued from abandoned ship in storm

---The Russian news agency ITAR-TAAS is reporting that 23 crewmen have been picked up in the Indian Ocean after they had to abandon ship.
The agency says the men have been taken aboard the Evergreen container ship EVER GAINING which is on her way to Durban.
They say the ship is owned by a Greek shipping company and flies the Maltese flag and was hit by a storm 200 km east of Reunion Island on Thursday. There are no reports of any casualties.
Shipping Times believes this is the GRACIA (EX COSMIC STAR), a 16,100 geared bulk carrier built in 1979. There had been earlier reports of this vessel being in some difficulties in the area.
She seems to have been in good order for a bulker of her age and has had little trouble with port inspections.
It is unclear whether or not the vessel has foundered or is still adrift. She is operated by Priamos Maritime of Greece.
Source: http://www.shippingtimes.co.uk/item264_abandoned_ship.htm, Shipping & Shipbuilding News - 3 March 2007 - The Brightest Maritime Daily


Merchant fleet expands
---By Nikos Bardounias - Kathimerini, Date: 3-3-2007
Ships owned by Greeks showed a considerable increase in the first couple of months of 2007, totaling 218,229,552 deadweight tons (dwt) and 129,765,470 gross tons (gt) with 3,699 ships over 1000 gt, including the 612 vessels on order that total 27,907,503 gt.
Merchant Marine Ministry sources consider very significant the fact that the fleet with a Greek flag also grew at the start of the year both in capacity and in vessel numbers. The fleet belonging to the Greek register came to 969 ships, including 212 under construction, against 910 ships in 2006, then including 151 under construction. This entails an annual rise of 59 ships, as a result of the recent incentives provided to shipowners by Merchant Marine Minister Manolis Kefaloyiannis.
Greek ships under the Liberian flag increased by 83 and by 3,402,596 dwt from 2006, and those registered in the Marshall Islands grew by 71 vessels and 3,403,706 dwt. The Greek register lies third among those to have benefited the most from Greek ship entries, with 59 ships and capacity of 12,021,232 dwt.
In 2006 there was a considerable increase in Greek-owned tanker capacity, by 12,821.503 dwt and by 59 ships, while chemicals ships recorded an impressive rise by 129 vessels.
Orders
Greek shipowners are breaking all records with their latest new ship orders: In February 2007 ships on order came to 612, against 364 in March 2006. Orders include 120 tankers, 220 chemicals ships, 39 liquefied natural or petroleum gas carriers, 164 dry bulkers, 27 containerships, 41 ship of other types and one passenger carrier.
The average age of the Greek fleet has decreased further, standing today at 14.3 years, just under the average age of the global fleet (14.4 years).
In 2006 the average age of Greek ships was 15.3 years. The Greek-flag fleet average age dropped to 11.1 years from 11.7 years in 2006.
Source: http://www.ekathimerini.com


Greeks abandon old trading habits
---Greek owners are starting to sell tonnage to take advantage of the historic high in dry-bulk sale-and-purchase (S&P) prices (see page 4).
Previously they may have been more tempted to keep trading older bulkers in the current healthy market, which most pundits predict will remain strong for some time to come.
But that does not make economic sense anymore what with the extraordinary prices currently being talked about for secondhand tonnage and Greek owners ready to take delivery of a massive number of newbuildings currently under construction.
Industry figures show that Greek shipowners have more than 600 vessels on order. With these ships ready to pour out of yards over the coming years, it is unlikely the Greek shipping community will be short on tonnage to take advantage of the predicted higher rates.
And these days the Greeks appear more interested in operating modern fleets, as evidenced by the the Greek-operated fleet not only growing but also getting younger (see page 5).
It is interesting to hear that the proceeds of the secondhand sales will be going toward buying younger tonnage or newbuildings.
And investing in newbuildings at today's prices is a considerable vote of confidence in the future trading market.
The old image of the savvy Greek owner buying old secondhand ships cheap when the market is down to catch the upturn is fading fast.
That way of trading just simply no longer fits the emerging business trends in Greek shipping.
published: 02 March 2007
Source: www.tradewinds.no


----Prices and rates soaring in larger sized bulkers, writes Nigel Lowry in Athens - Friday 2 March 2007
But it was qualified by the fact that the term was also readily applied by pundits to developments in the second hand market and period chartering scene.
Prices and rates in both have been soaring in recent weeks.
Diana Shipping set a new benchmark barely a month ago in acquiring an almost-completed cape for $98m.
But at the same time it revealed a lucrative four-to-five year charter deal with BHP Billiton, which is expected to earn more than $57m by the end of the fourth year.
Now with substantial period deals said to be headed above the daily mark of $60,000, Diana has been at the centre of speculation it may be paying $109m for the two-year-old Zodiac-managed vessel Cape Pelikan.
Diana yesterday said it had not bought any further vessels and other dry bulk companies, including Quintana Maritime, were said to be interested in the same ship.
The current hot chartering conditions for capes also explains the gap that still yawns between deals for existing or imminent ships, and albeit rising prices being demanded at yards.
Few Greeks are fixing ships for delivery in two or three years time although brokers say that deals are around if owners are willing to accept more modest rates.
Other considerations may also be playing a role in the sudden gravitation of various owners towards the larger size of bulkers.
Source: www.lloydslist.com


Greek owners applaud manning move
Source: www.fairplay.co.uk, Daily News, 28 Feb 2007


Turkish Vessel Export To Greece
---CIDE - A new vessel was built for a Greek company in shipyards in Cide town of northern city of Kastamonu.
A ceremony took place in Cide for completion of the vessel's construction, which will carry 2,200 tons of chemicals.
Metin Kaska, owner of Cide Ship and Yacht Industries, said they will build another vessel of 10,000 tons in Cide shipyard this year.
Published: 2/26/2007
Source: http://www.anatoliantimes.com/hbr2.asp?id=164361


Aegean Marine Petroleum posts increased earnings
---02/03/07: Aegean Marine Petroleum Network Inc., a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, announced today financial and operating results for the fourth quarter and full year ended December 31, 2006.
The company recorded net income of $5.9 million, for the three months ended December 31, 2006. For purposes of comparison, the Company reported net income of $5.5 million, for the three months ended December 31, 2005.
Total revenues for the three months ended December 31, 2006 increased 15.5% to $200.1 million compared to $173.2 million for the same period in 2005. For the three months ended December 31, 2006, sales of marine petroleum products increased 15.2% to $196.9 million compared to $170.9 million for the same period in 2005.
Results for the fourth quarter of 2006 were driven by a 41.7% increase in the gross spread on marine petroleum products to $18.0 million compared to $12.7 million for the same period in 2005. For the three months ended December 31, 2006, the volume of marine fuel sold increased 20.7% to 655,892 metric tons as sales volumes improved in all of the Company's service centers except Greece, which experienced moderate disruptions stemming from a dockworkers union strike that ended in late December 2006. Furthermore, sales volumes in the fourth quarter of 2006 included sales relating to the Company's service center in Singapore, which commenced physical supply operations in June 2006. During the three months ended December 31, 2006, the gross spread per metric ton of marine fuel sold increased by $4.0 per metric ton, to $27.3 per metric ton. This increase is attributable to improved market conditions in the ports that the Company serves.
Operating income for the three months ended December 31, 2006 increased 14.1% to $7.3 million compared to $6.4 million for the same period in 2005. Operating expenses, excluding the cost of fuel, increased to $13.9 million for the three months ended December 31, 2006 compared to $8.5 million for the same period in 2005. This increase was principally due to a larger fleet of bunkering tankers owned and operated by the Company.
Peter C. Georgiopoulos, Chairman, commented, 2006 was a momentous year for our Company, which culminated in the successful completion of our IPO in December. Throughout the year, we continued to execute on our strategy to build a full-service international marine fuel logistics infrastructure, from procurement to delivery, in order to drive future growth. Specifically, we opened our fifth service center for the physical supply of marine fuel and made considerable progress in further expanding our bunkering fleet by taking delivery of two double hull bunkering tankers. With $185.2 million in net proceeds from our IPO, we have substantially increased our working capital base which enhances the Company's ability to further expand our fuel sales volume during a time when we are positioned to significantly expand our logistics infrastructure.
For the full year 2006, the company reported net income of $24.2 million, compared to net income of $21.5 million, for 2005. Total revenues for the year ended December 31, 2006 increased 55.4% to $803.8 million compared to $517.3 million for the prior year. Sales of marine petroleum products increased 56.4% to $790.6 million in 2006 compared to $505.6 million for the prior year.
Results for 2006 were mainly driven by a 52.1% increase in the gross spread on marine petroleum products to $61.6 million for the year ended December 31, 2006 compared to $40.5 million for the prior year. In 2006, the volume of marine fuel sold increased 35.6% to 2,367,289 metric tons. Sales volumes increased in all service centers with Greece, Gibraltar and the United Arab Emirates recording double-digit growth. The Company's service center in Jamaica, which commenced operations on March 1, 2005, contributed a full year of sales volumes in 2006 compared to ten months of sales volumes in 2005. Finally, sales volumes in 2006 included sales relating to the Company's service center in Singapore, which commenced physical supply operations on June 2, 2006. The gross spread per metric ton of marine fuel sold during the year ended December 31, 2006 increased by $2.8 per metric ton, to $26.0 per metric ton, which is attributable to improved market conditions in the ports that the Company serves.
Mr. Georgiopoulos concluded, Our working capital, combined with amounts available under our senior secured credit facility, positions our Company well for future success. We expect to significantly expand our fleet of double hull bunkering tankers, including the delivery of the 22 newbuildings under contract as well as options to acquire nine additional vessels, over the next three years. We also intend to launch a minimum of five additional service centers in strategic locations worldwide over the next four years. By expanding both our physical supply operations and delivery capabilities, we plan to leverage our strong customer relationships to further enhance our growth opportunities and leading reputation in the marine fuel logistics industry.
Aegean Marine Petroleum Network Inc. is a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. As a physical supplier, the company purchases marine fuel from refineries, major oil producers and other sources. Through its service centers in Greece, Gibraltar, Singapore, Jamaica and the United Arab Emirates, the Company sells and delivers these fuels to a diverse group of ocean-going and coastal ship operators and marine fuel traders, brokers and other users.
Source: Aegean Marine Petroleum Network


Aries Maritime Announces Fourth Quarter and Full Year 2006
---ATHENS, Greece, March 2 /PRNewswire-FirstCall/ -- Aries Maritime Transport Limited today announced that it will release its fourth quarter and full year 2006 earnings on Thursday, March 29, 2007 and host an investor conference call later that day at 10:00 a.m. ET to discuss the results. To access the conference call domestically, dial 800-946-0706 and for international access, dial +1-719-457-2638 and state the reservation number 4792067. Following the teleconference, a replay of the call may be accessed domestically by dialing 888-203-1112 or internationally by dialing +1-719-457-0820 and entering the reservation number 4792067. The replay will be available through Thursday, April 12, 2007. The conference call will also be webcast live on the Company's website,
The Company also announced that it intends to declare a fourth quarter dividend for the three-month period ended December 31, 2006 during the week of March 5, 2007.
About Aries Maritime Transport Limited
Aries Maritime Transport Limited is an international shipping company that owns and operates products tankers and container vessels. The Company's products tanker fleet, which has an average age of 7.7 years and is 100% double-hulled, consists of five MR tankers, four Panamax tankers and one Aframax tanker. The Company also owns a fleet of five container vessels. The Company's container vessels have an average age of 17.4 years and range in capacity from 1,799 to 2,917 TEU. All of the Company's products tankers and container vessels, other than the Ostria and SCI Tej, currently have period charter coverage. Charters for 40% of the Company's products tanker fleet have profit sharing components.
Aries Maritime Transport Ltd
Source: http://www.earthtimes.org/articles/show/news_press_release,68782.shtml, Posted on : Fri, 02 Mar 2007 14:04:59 GMT | Author : Aries Maritime Transport Ltd, PressRelease


DryShips Inc. Reports Fourth Quarter and Year-End 2006 Results
---ATHENS, GREECE -- (MARKET WIRE) -- February 28, 2007 -- DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes, today announced its unaudited financial and operating results for the fourth quarter and the twelve months ended December 31, 2006.
Financial Highlights
-- For the fourth quarter of 2006 the Company reported EBITDA of $64.1 million, which is the highest EBITDA reported in a single quarter since the Company's inception.
-- The Company reported Net Income of $35.9 million, or $1.02 per share, for the fourth quarter of 2006. Included in the fourth quarter results is a gain on the sale of one vessel of $8.6 million or $0.24 per share. Excluding this gain Net Income would amount to $27.3 million or $0.77 per share.
-- For the year ended December 31, 2006, the Company reported EBITDA of $158.4 million.(1)
-- For the year ended December 31, 2006, the Company reported Net Income of $56.7 million or $1.75 per share. Included in the year end 2006 results is a gain on the sale of one vessel of $8.6 million or $0.27 per share and a one-time loss on Forward Freight Agreement ("FFA") contracts of $ 22.5 million or $0.69 per share. Excluding the above items Net Income would amount to $70.6 million or $2.18 per share.
-- In January 2007 the Company declared and paid its seventh consecutive quarterly cash dividend of $0.20 per common share.
George Economou, the Company's Chairman and Chief Executive Officer of DryShips Inc., commented:
"We are delighted to report another successful year since our Company's listing in February 2005. DryShips has kept its promise and has executed on its stated strategy of growing and renewing its fleet. Since the beginning of 2006, we entered agreements to buy a total of 12 vessels with an average age of 9.2 years. At the same time we entered agreements to sell a total of 7 vessels with an average age of 19.1 years. We enter 2007 with a bigger and significantly younger fleet and about 64% of the total vessel operating days unfixed which places DryShips in a unique position to capitalize on the strong dry bulk industry fundamentals."
Company Contact: Gregory Zikos, Chief Financial Officer, Dryships Inc., Tel: 011-30-210-8090513, E-mail: management@dryships.com
Source: http://www.marketwire.com/mw/release_html_b1?release_id=221260


EasyGroup interested in opening a budget hotel in Doha
---By Pratap John
DOHA: EasyGroup, which owns British low-cost airline easyJet and 17 easy-branded ventures, is keen to set up a budget hotel in Doha.
Stelios said Qatar must allow all levels of hotel accommodation to be developed.
The easyGroup is the private investment vehicle of Stelios and the easy brand currently operates more than a dozen industries mainly in travel, leisure, telecoms and personal finance.
The 40-year-old entrepreneur, who prefers to be called by his first name, is best known for creating easyJet when he was just 28. Easyjet was partially floated on the London Stock Exchange in 2000 but Stelios remains the biggest single shareholder.
Born in Greece in 1967, Stelios was educated in Athens to high school level and in 1984 continued his education at the London School of Economics (LSE). He also graduated from the City University Business School with an MSc in Shipping Trade and Economics.
Stelios has also been awarded a total of three honorary doctorates from Liverpool John Moores University, Cass Business School City University and the Cranfield University.
Source: http://www.gulf-times.com, Published: Tuesday, 27 February, 2007, 09:03 AM Doha Time


Euroseas Ltd. Reports Results for 4Q and Fiscal Year 2006
---ATHENS, GREECE -- (MARKET WIRE) -- 02/27/07 -- Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced its results today for the Fourth Quarter and for the Fiscal Year periods ended December 31, 2006.
Fourth Quarter 2006 Results:
For the fourth quarter 2006, the Company reported total net revenues of $11.9 million and net income of $4.7 million. Adjusted EBITDA for the fourth quarter 2006 was $8.1 million. Please see below for Adjusted EBITDA reconciliation to net income. In the fourth quarter 2005, net revenues were $9.9 million, net income was $4.7 million and Adjusted EBITDA was $6.3 million.
Earnings per share, basic and diluted, for the fourth quarter of 2006 were $0.38, calculated on 12,620,148 weighted average number of shares outstanding during this quarter, compared to earnings per share of $0.39 for the fourth quarter of 2005 calculated on 12,260,387 weighted average number of shares outstanding during that quarter. The share count reflects the 1-for-3 reverse stock split of the Company's common stock effected on October 6, 2006.
Full Year 2006 Results:
For the Full Year of 2006, the Company reported total net revenues of $40.3 million and net income of $20.1 million. Adjusted EBITDA for the period was $29.5 million. Please see below for Adjusted EBITDA reconciliation to net income. In the full year of 2005, net revenues were $42.1 million, net income was $25.2 million and EBITDA was $30.4 million.
Earnings per share for the Full Year of 2006, basic and diluted, were $1.60, calculated on 12,535,365 weighted average number of shares outstanding during the year, compared to earnings per share of $2.34 in 2005 calculated on 10,739,476 weighted average number of shares outstanding during 2005. The share count reflects the 1-for-3 reverse stock split of the Company's common stock effected on October 6, 2006.
Aristides Pittas, Chairman and CEO of Euroseas commented: "During 2006 and in January 2007, we completed our objectives of becoming a public company, increasing our capitalization and growing our Company with accretive acquisitions in the dry cargo seaborne transportation segments in which we operate. Following our private placement in August 2005 and up to the end of 2006, we purchased 4 vessels with an average age of 15 years for a total of $82.5 million and at the same time we sold our 3 oldest vessels (2 in 2006 and one in early 2007) averaging 26 years realizing a gain of $4.4 in 2006 and an additional gain of $3.4 in 2007. Despite the lower shipping markets for most of 2006 as compared to 2005, we provided our shareholders with consistent dividends while at the same time growing our Company and paying our debt. Our successful follow-on offering, completed in January 2007, provided us with $43 million extra equity with which we will further grow our Company; our stock now trades on the NASDAQ Global Market.
"Furthermore, the acquisition of M/V 'Gregos' in February 2007 continues our investment and fleet expansion program. The addition of this vessel to our fleet helps us capitalize on the strength of the dry bulk markets. As of today, our two handysize drybulk carriers operate in the spot market and benefit from the high charter rates. On the basis of our current fleet, charter contracts and balance sheet, we look forward to continuing growing our fleet in 2007 and beyond."
Tasos Aslidis, Chief Financial Officer of Euroseas commented: "The results of the fourth quarter of 2006 represent our best quarter since the third quarter of 2005. The average vessel daily time charter equivalent rate of our fleet during the fourth quarter of 2006 was $15,774 versus $14,536 during the third quarter of 2006 and $14,996 during the fourth quarter of the 2005. For the full year 2006, our average daily time charter rate was $14,313 versus $17,485 in 2005. Our average daily operating expense per vessel during 2006 (excluding General & Administration expenses) was $4,295 versus $4,061 during 2005. As a result, our dividend for the fourth quarter of 2006 was increased to $0.22 per share.
"Looking into 2007, and, after the acquisition of M/V 'Gregos,' about 67% of our total ship capacity days are fixed under period charters or are protected from market fluctuations earning approximately an average of $18,750 per day per vessel. Our contract coverage gives us a solid revenue base for 2007 and provides us with sufficient cash flow to continue paying out at least our minimum target quarterly dividend of $0.22 per share."
Fleet Developments:
On February 22, 2007, the company took delivery of M/V "Triada" (renamed M/V "Gregos") a handysize drybulk carrier vessel of 38,434 dwt built in 1984. On the same day, the Company delivered to its buyers m/v "Ariel," a drybulk carrier of 33,712 dwt built in 1977, the Company's oldest vessel.
Euroseas has a fleet of 9 vessels, including 2 Panamax drybulk carriers, 2 Handysize drybulk carriers, 1 Intermediate container ship, 1 Handysize container ship, 2 Feeder containerships and a Handysize multipurpose dry cargo vessel. Euroseas' 4 drybulk carrier vessels have a total cargo capacity of 212,186 deadweight tons (dwt), its 4 containerships have a cargo capacity of 6,035 teu and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.
Quarterly Dividend Declaration:
On January 8, 2007, the Company declared its sixth consecutive dividend of $0.22 per common share payable on February 15, 2007 to all shareholders of record as of January 29, 2007. This follows the Company's dividend declarations of $0.21 per common share on November 9, 2006, of $0.18 per common share on August 7, 2006, of $0.18 per common share on May 9, 2006, of $0.18 per share on February 7, 2006 and of $0.21 per share on November 2, 2005. Since its private placement in August 2005, Euroseas has declared total dividends of $1.18 per share.
Fleet Profile:
The profile and deployment of Euroseas' fleet as of February 27, 2007, is available at: www.euroseas.gr
Source: http://www.sys-con.com/read/342692.htm


NEL Sells 2 Vessels for 85 mil euro
At the same time, the company announced the deployment of two new high-speed ferries in the Crete (Piraeus-Rethymnon) and Cyclades routes in May and June 2007 respectively.
Eurobank Sec. analysts view the sale of the two vessels positively as they had a poor mechanical track record. However, NEL still lags its two main rivals in the domestic market in terms of fleet size and route profitability.
Source: 09:54 - 01 March 2007, www.reporter.gr


American Stock Exchange Lists Units of Oceanaut, Inc.
---NEW YORK, March 1 /PRNewswire/ -- The American Stock Exchange(R) (Amex(R)) today listed the units of Oceanaut, Inc. under the ticker symbol OKN.U.
The Company is expecting to issue 18.75M Units @ $8.00 per unit for gross proceeds of $150M. One unit consists of one share of common stock and one warrant. Initially, the units will be the only security trading. Citigroup Global Markets Inc. is acting as the sole bookrunning manager for the initial public offering.
Based in Athens, Greece, Oceanaut, Inc. is a recently formed company organized for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition or other similar business combination, one or more operating businesses in the shipping industry.
"We are pleased that Oceanaut, Inc. has chosen to list at the American Stock Exchange," said John McGonegal, Senior Vice President of Amex's Equities Group. "We hope the company will utilize our unique services in order to further its goals in the marketplace."
The specialist in Oceanaut, Inc. will be Kellogg Capital Group. For further information on OKN.U and other Amex-listed companies, please visit http://www.amex.com/.
The American Stock Exchange(R) (Amex(R)) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRS(SM). In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 265 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit http://www.amex.com/.
Website: http://www.amex.com/
Source: http://sev.prnewswire.com/banking-financial-services/20070301/NYTH18001032007-1.html


Overseas Shipholding Group to Acquire Heidmar Lightering
---Transaction Enhances Lightering Services to Global Customers in the Atlantic Basin and U.S. Markets
NEW YORK, Feb. 26, 2007 (PRIME NEWSWIRE) (PRIMEZONE) -- Overseas Shipholding Group, Inc. (NYSE:OSG), a market leader providing global energy transportation services, announced today that it has entered into an agreement in principle to acquire the Heidmar Lightering business from Heidmar Inc., a subsidiary of Morgan Stanley Capital Group Inc. The operation, a fleet of four International Flag Aframax tankers and two U.S. Flag workboats, provides crude oil lightering services to refiners, oil companies and trading companies primarily in the U.S. Gulf. The business manages a portfolio of one-to-three year fixed rate cargo contracts. Under the agreement, OSG will acquire the lightering fleet, which is time chartered-in to one of Heidmar Inc.'s subsidiaries, including a 50% residual interest in two specialized lightering Aframax tankers. The agreement is subject to certain conditions, including entering into definitive documentation.
The lightering operation will add synergies and expand OSG's already significant Aframax cargo and logistical system in the Atlantic basin. In addition, it provides opportunities to serve U.S. West Coast customers with lightering service using OSG's Panamax tankers. Based in Houston, Texas, Heidmar Lightering has performed over 900 lighterings since beginning operations in November 2002. Jim Enright, 45, who has nearly 20 years of oil trading and shipping industry experience, will continue to lead the team of office staff and mooring masters out of Houston. Enright will report to Mats Berglund, Senior Vice President and Head of OSG's Crude Tanker unit.
"Adding lightering to the OSG Aframax, Panamax and VLCC business creates a very strong combination by enhancing service and on time performance to our customers and bringing logistical benefits to our fleet," stated Mats Berglund. "After closing this transaction, OSG will add West Coast and U.S. Gulf Coast lightering operations to our already strong position in Delaware Bay on the East Coast." Berglund continued, "In line with OSG's balanced growth strategy, lightering services provides stable revenue from established contracts and customers."
Lightering is the transfer of crude oil and petroleum products at sea, typically between 40 and 60 miles offshore, from larger vessels such as VLCCs or Suezmaxes, to smaller vessels known as service vessels that are capable of entering shallow-draft ports. The lightering process consists of maneuvering a service vessel alongside a larger ship to be lightered, generally with both vessels underway. For cargo and large ship owners and operators, lightering cargo onto separate shallow draft vessels enables the cargo owner to deliver parcels of varying quantities to different refineries on different delivery dates as opposed to a single discharge of cargo at one location.
About OSG
Overseas Shipholding Group, Inc. (NYSE:OSG) is one of the largest publicly traded tanker companies in the world with a combined owned, operated and newbuild fleet of 137 vessels aggregating 13.4 million dwt and 865,000 cbm, as of December 31, 2006. As a market leader in global energy transportation services for crude oil and petroleum products 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, with offices in Athens, London, Manila, Montreal, Newcastle, New York City, Philadelphia, Singapore and Tampa.
CONTACT: OSG Ship Management, Inc., Jennifer L. Schlueter, Vice President, Corporate Communications,+1 212-578-1634
Source: http://www.primenewswire.com/newsroom/news.html?d=114445


Quintana Maritime Limited Prices Six Additional Vessels for 2008
---Quintana Maritime Limited Prices Six Additional Vessels for 2008 at an Average Rate of Approximately $24,500 Per Day
The newly fixed Panamaxes are Grain Express and Iron Knight and the newly fixed Kamsarmaxes are Iron Bradyn, Iron Kalypso, Ore Hansa and Santa Barbara. With the exception of Iron Knight, which was delivered to Quintana in February 2007, all other above mentioned vessels were delivered to Quintana in 2006.
As a result of these fixtures, the Company expects to generate approximately $50 million of net revenues in 2008 from these four ships. Consequently, approximately 63.5% of Quintana's expected net operating days of the entire fleet are secured at fixed rates in 2008, corresponding to approximately $165 million in expected revenues. The Company has already secured approximately 96% of the full fleet's expected net operating days for 2007 on fixed charters, corresponding to approximately $215 million in expected revenues.
Fleet Table as of February 28, 2007 available at: http://www.quintanamaritime.com/press_releases.html?irp=pr2&relid=44540
Source: http://www.quintanamaritime.com