Overseas Shipholding ( OSG) said it will build four new tankers at a cost of about $58 million each at the New Times Shipbuilding shipyard in Jinjiang, China.

The vessels, scheduled for delivery in 2008 and 2009, will increase its fleet serving customers in the Atlantic basin to 21 vessels, the company said. The new tankers will be built using the new stricter hull strength requirements and technical criteria of double hull tankers.

The 114,000 deadweight ton, 44-meter Aframax tankers will take the company's fleet to 113 vessels. The company said it also plans to sell two of its older Aframax tankers.

"The newbuild price we were able to negotiate was significantly less than the $75 million rates being quoted in the market today for less efficient vessels that are not CSR-compliant," the company said. "After the sale of the older tankers, our marginal investment will more than double the commercial life of the vessels."
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