Freshly Minted – December 16, 1999

BREAKING NEWS

The management of Frontline informed Marine Money today that A.P. Moller, Euronav, Frontline, Overseas Shipholding Group, Inc., Osprey Maritime and Reederi “Nord” Klaus E. Oldendorff have agreed to establish “Tankers International LLC”(Tankers) to pool their Very Large Crude Carrier(VLCC) Fleets. The company plans to commence operations upon receipt of required regulatory approvals which are expected by 15th of February 2000. Tankers will manage a fleet of exclusively modern VLCC’s numbering initially 38 vessels. As the participants take delivery of new buildings and vessels are redelivered from period charters the fleet is expected to exceed 50 vessels by 2002. Tankers is being established to provide customers around the globe with new and improved tools to manage shipping programs, inventories and risk. The Company will offer its customers “one stop shopping” for high quality VLCC tonnage. The fleet size will enable Tankers to provide increased flexibility, contract of affreightment and to become a logistics partner of major customers. Mr. Soren Skou, Vice-President of A.P.Moller is to be appointed Chairman of the board of Tankers International LLC, which will comprise representatives of the participating companies involved. Chartering negotiations will be conducted through London with a chartering representative in New York and Tokyo. Mr. E.Michael Steimler, currently President of Euronav, will be appointed Chief Executive Officer of Tankers London.

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