energy transportation company and OMI had agreed to consolidate their product tanker operations into a new jointly owned Bermuda company named International Product Carriers Limited (IPC).

IPC will have 26 medium range product carriers on long-term time charter from OMI and Osprey Maritime and will manage several others. The total aggregate tonnage will be approximately eight hundred thousand deadweight tons. The vessels will enter into their time charters with IPC on completion of their current employment after the commencement date. IPC will be headquartered in the US and have regional offices in South East Asia and Europe.

BUSINESS BUC