June 1983 - Maritime Reporter and Engineering News

$50-Million Order For Bulk Carriers Placed By OSG With Far East Yards

Overseas Shipholding Group, Inc. of New York, N.Y., a major bulk shipping company, recently announced the placement of orders with undisclosed shipyards in the Far East for the construction of four small geared dry bulk carriers of 27,000 to 30,000 dwt for its international fleet.

Two of the ships are scheduled to be delivered in the latter part of 1984 and two in the last half of 1985. Value of the contracts was reportedly $50 million.

OSG, operating in both the domestic and worldwide bulk shipping markets, currently has a fleet of 75 vessels with a total carrying capacity of 6.5 million dwt. These figures reflect the recent sale of two older small vessels in the company's international fleet, as part of its continuing program of upgrading and modernizing its fleet.

Although an increasing amount of OSG's international tonnage is entering the "spot" or shortterm markets, the major portion remains under medium and longterm charters.

Other stories from June 1983 issue


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