Overseas Shipholding Group acquires Alaska Tanker Company, three vessels

Overseas Shipholding Group, through its subsidiaries, has completed the purchase of the US-flagged crude oil carriers Alaskan Explorer (pictured), Alaskan Legend, and Alaskan Navigator from BP Oil Shipping Company USA and BP AMI Leasing and have entered into a bareboat charter with BP for a fourth vessel, Alaskan Frontier.

In connection with these transactions, OSG also completed the acquisition of Alaska Tanker Company (ATC), the operator of the vessels, making ATC a wholly owned subsidiary of OSG.

The purchased vessels will continue to be operated by ATC under time charters with BP Exploration Alaska, with firm charter periods lasting until 2022, 2025, and 2026. Each charter also provides for five one-year extension options.