OSG And P&O Agree To Form Joint Venture For LPG Transportation

The Peninsular and Oriental Steam Navigation Company (P&O) of London, and Overseas Shipholding Group, Inc. (OSG) of New York, recently announced that they have reached agreement to form a joint venture involving the acquisition by OSG of a 50-percent interest in P&O's liquefied petroleum gas and chemical gas ocean transportation business for approximatly $35 million.

The transaction is subject to the execution of definitive agreements.

P&O's LPG and chemical gas ocean transportation business comprises the nine LPG carriers owned by P&O, supplemented by chartered tonnage. The two companies will pursue opportunities through the joint venture to further develop the established international gas transportation business.

This joint venture will bring together two of the world's major shipowning companies. OSG is one of the world's leading bulk shipping operators. It owns a fleet of 63 vessels aggregating more than six million dwt, and operates in both the U.S. and international bulk shipping markets. P&O has major interests in cruise ships, bulk carriers, and container shipping.

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