OSG gets loan from Chinese Ex-Im Bank

Overseas Shipholding Group Inc. said it has entered into a $389 million loan agreement for new ships with the Export-Import Bank of China. OSG said this is the first financing arrangement that the China Ex-Im Bank has extended to a U.S. company. Borrowings under the 12-year secured facility will be used toward financing three very large crude carriers and two Aframax crude oil tankers constructed in China. The two Aframaxes are the Overseas Yosemite and Overseas Yellowstone, delivered in the first half of this year.