Overseas Shipholding Group Announced An Upgrade Program For All Four Vessels In Its Alaskan Class Fleet To Be Achieved Through A Contract With MAN Energy Solutions; Vessel Upgraded Conducted Concurrently With Scheduled Drydocking Through 2026
Portfolio Pulse from Benzinga Newsdesk
Overseas Shipholding Group (OSG) has announced a major upgrade program for its Alaskan Class fleet, to be completed by 2026. The program, in partnership with MAN Energy Solutions, includes engine replacements for better fuel efficiency, advanced control systems, and compliance with Carbon Intensity Indicator regulations. The upgrades, which also make the vessels 'Ready for Methanol', will be done during scheduled drydocking and represent a nearly $100 million investment. Additionally, OSG has amended charterparties for the Alaskan Navigator and Alaskan Legend, extending options through 2035.
December 14, 2023 | 8:35 pm
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POSITIVE IMPACT
OSG has committed to a significant upgrade program for its fleet, signaling a focus on sustainability and regulatory compliance. The investment and charterparty amendments suggest a positive outlook for the company's operational capacity and long-term commitments.
The upgrade program demonstrates OSG's commitment to improving its fleet's efficiency and environmental impact, which is likely to be viewed positively by investors. The substantial investment and the extension of charter options indicate a strategic long-term vision, which could lead to increased investor confidence and potentially a positive impact on the stock price in the short term.
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