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Aker Philadelphia Shipyard delivers tanker (11/19)

Aker Philadelphia Shipyard recently issued the following news release, which also is available on the yard’s web site HERE. The tankers in this program are operated by Seafarers-contracted OSG. Aker Philadelphia Shipyard Delivers Third Product Tanker Vessel is the third delivered this year and will operate in US Jones Act market PHILADELPHIA, PA (November 16, 2007) – The third product tanker built by Aker Philadelphia Shipyard was delivered today, marking the first time in the yard’s history that three vessels were delivered in the same year. Following very successful sea trials and final testing and commissioning, the ship joins two sister vessels in American Shipping Corporation‘s growing fleet of double-hull product tankers operating for charter in the US Jones Act Market. As were its two predecessors, the 600-foot long MT46 Veteran Class tanker is chartered to a subsidiary of Overseas Shipholding Group, Inc. (OSG). Aker American Shipping President and CEO Dave Meehan observed, “This vessel is powerful evidence of the value of series construction. Built in a shorter period of time and delivered with zero outstanding inspection comments, this vessel will serve its crew and charterers well.” A traditional Naming Ceremony will be held at the yard tomorrow, at which time the vessel‘s sponsor, Mrs. Sandra Ridgway, will formally confer the name Overseas Los Angeles upon the ship while blessing the vessel and those which will sail upon her. In the coming days, the vessel will depart the yard to begin transporting petroleum products for BP Shipping under the direction of OSG. This is the second Aker Philadelphia Shipyard-built tanker delivered into service for BP Shipping. Three additional tankers are currently under construction at the yard, with the next vessel scheduled for delivery in the second quarter of 2008. In all, nine further tankers are slated to be delivered by the yard through 2011. About Aker American Shipping Aker American Shipping is a Philadelphia-based maritime company whose holdings include the state-of-the-art Aker Philadelphia Shipyard on the site of the former Philadelphia Navy Yard. The company, builds, owns, and leases commercial ships operated in accordance with the U.S. Jones Act. It is listed on the Oslo Stock Exchange (ticker symbol AKASA). Aker American Shipping and Aker Philadelphia Shipyard, Inc. are members of the Norwegian-based Aker family of global companies, industry leaders in their respective fields. ###