Overseas Shipholding Group

(OSG) - Get Report

signed time charter agreements with

Tesoro Maritime

, an independent refiner and marketer of petroleum products, for two more of the 10 Jones Act commercial product tankers being built at Aker Philadelphia Shipyard.

With two additional two-ship time charters announced previously with

Shell Oil


BP Shipping

, 60% of the ten-ship order due for completion in 2010 has signed charter agreements in place.

Work on the Veteran MT-46 Class tanker vessels commenced soon after Aker and OSG announced the 10-ship, $1 billion order in April 2005.

The New York-based company said construction on two ships in the series was well on track. It expects the steel cutting for the third vessel to begin this spring.

This story was created through a joint venture between TheStreet.com and IRIS.