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NVMC Website Upgraded

Washington October 12, 2005 - Several upgrades will be made to the online e-NOA/D website, the InfoPath template, and the XML Schema and Business Rules on or about 25 October 2005. Details of each are listed below.

The online Electronic Notice of Arrival/Departure (e-NOA/D) website will be updated on or about 25 October 2005 to include the following:

• Removal of "US to US" selection for Departures. Reason- Many people are confused about when departure notices are necessary (currently only needed for US to Foreign trips). This change should help users select the correct choice. Although not required, recommend 3rd party developers do the same.
• Addition of an Recognized Security Organization (RSO) list. Reason- Currently list only provides Flag Administration Countries although regulations allow for responsibilities to be delegated to RSOs.
• User feedback indicator will be included after "Submit" button is activated to indicate that the data is being submitted.
• A new email receipt will be auto-generated and sent to Reporting Party and 24-hour contact that the e-NOA/D has been received but not yet processed. The NVMC will continue to send out the other email that you currently receive (notice has been processed.) The additional email will let the users know almost immediately that the information has been received (but not yet processed) by the NVMC. Additionally, by cc-ing the 24-hour contact (usually the agent), duplicate submissions for the same vessel/arrival should decrease.
  
  Important Note: While Departure Notices are sent to the NVMC, they are routed to CBP immediately and as such, fall outside of the USCG receipt process. We are investigating alternatives for future revisions.
  

A new version (3.0) of the InfoPath template will be available on or about 25 October 2005. It is recommended that prior to installation of the new template, the old template is uninstalled to avoid any conflicts between the versions. The new functionality will include:

• Removal of "US to US" selection for Departures. See above.
• Replacing Flag Administration Countries with Recognized Security Organization (RSO) list. See above.
• Some minor cosmetic upgrades.
• Complete information (including changes in Version 3.0) and instructions will be available in the Release Notes document included with the new template (.msi file).
• A new email receipt will be auto-generated and sent to Reporting Party and 24-hour contact that the e-NOA/D has been received but not yet processed. The NVMC will continue to send out the other email that you currently receive (notice has been processed.) The additional email will let the users know almost immediately that the information has been received (but not yet processed) by the NVMC. Additionally, by cc-ing the 24-hour contact (usually the agent), duplicate submissions for the same vessel/arrival should decrease.
  
  Important Note: While Departure Notices are sent to the NVMC, they are routed to CBP immediately and as such, fall outside of the USCG receipt process. We are investigating alternatives for future revisions.
  
• A conversion tool is included in this release, as XML files created with Version 1.0 will not natively work in Version 3.0. The purpose of the conversion tool is to allow users of Version 1.0 to easily convert saved Version 1.0 XML files into a format that will be accepted by Version 3.0.
• Note- Version 1.0 was phased out and is no longer supported as of 1 October 2005.
• Version 2.0 will be phased out and no longer supported as of 1 Jan 2006. Please plan accordingly.
  

For third party Developers - The XML Schema and Business Rules will be updated to include the following:

Please address any questions to techsupport@nvmc.uscg.gov.

OSG Announces Sale of Seven Tankers to Double Hull Tankers, Inc.

New York October 13, 2005 - Overseas Shipholding Group, Inc. announced today that it agreed to sell seven tankers to Double Hull Tankers, Inc. (DHT) in connection with DHT's initial public offering announced earlier today. In consideration, Overseas Shipholding Group, Inc. (OSG) will receive $412.6 million in cash and 14 million shares of DHT common stock, representing a 47 percent equity stake in the new tanker concern. The total proceeds to OSG value the transaction at $580.6 million, net of fees and expenses. OSG will time charter the vessels from DHT for periods of five to six and one-half years with various renewal options up to an aggregate of five to eight years depending on the vessel. The transaction is immediately accretive to earnings.

The sale of the vessels underscores OSG's strategy of actively managing the balance between owned and chartered-in vessels in its fleet. The transaction will help OSG achieve its stated goal of returning to leverage ratios and liquidity levels that existed prior to the early-2005 acquisition of Stelmar Shipping Ltd. for $1.35 billion.

OSG expects to book a gain on the sale and charter back of these vessels in excess of $230 million in the fourth quarter of 2005. The gain will be deferred for accounting purposes and recognized as a reduction of time charter hire expense over the charter periods. The proceeds of the sale will be used to reduce debt. OSG plans to provide further guidance on the financial impact of the transaction for the fourth quarter and fiscal 2006 when it reports third quarter 2005 earnings on November 3, 2005.

The vessels sold to DHT include three VLCC and four Aframax tankers -- all core ships in the OSG fleet -- representing 928,600 and 413,800 deadweight tons, respectively (see additional information below). OSG will time charter these modern vessels from DHT for terms through October 2010 and April 2012, with extension options that run up to 14 and one-half years.

Initial

Vessel Type Dwt Year Built Charter Expiration

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Overseas Ann VLCC 309,327 2001 Apr-2012

Overseas Chris VLCC 309,285 2001 Oct-2011

Regal Unity VLCC 309,966 1997 Apr-2011

Overseas Cathy Aframax 112,028 2004 Jan-2012

Overseas Sophie Aframax 112,045 2003 Jul-2011

Rebecca Aframax 94,873 1994 Oct-2010

Ania Aframax 94,848 1994 Oct-2010

A subsidiary of OSG has granted the underwriters an option to purchase an additional 2.4 million shares of common stock of DHT at the initial public offering price, less underwriting discounts and commissions payable by it, to cover over-allotments.

Investment in Mekong River Delta Seaports Encouraged

Ho Chi Minh City October 13, 2005 (VNA) - The Government, from now to 2010, will encourage investment in seaports in the Mekong River delta, especially those in Can Tho, and on the Hau and Tien Rivers.

This was announced by Deputy Prime Minister Nguyen Tan Dung in a detailed plan to develop the seaports in the Mekong River delta.

Under the plan, Viet Nam set a target of shipping 14.7 million -15.7 million tonnes of cargo per year by 2010, and from 20 million - 28 million tonnes of cargo per year by 2020, through seaports in Mekong River delta.

Investment projects in Can Tho seaports and those on the Hau and Tien rivers will be funded by the State budget and official development aid. Enterprises of all kinds are encouraged to invest in other ports in the form of build-operate-transfer (BOT), build-transfer-operate (BTO), build-transfer (BT) or as a joint venture.

This plan also pointed to the need of forming a development investment and seaport infrastructure management fund for reinvestment.

Significant Operations Resume at TECO Bulk Terminal

Tampa October 13, 2005 - TECO Energy, Inc. reported today that TECO Transport's TECO Bulk Terminal business, which is located in Davant, Louisiana, south of New Orleans, resumed operations on October 12 following Hurricane Katrina. TECO Bulk Terminal was flooded and without power following the passage of the hurricane and had one lightly utilized crane toppled by the storm.

TECO Bulk Terminal is currently operating river barge unloading equipment and one of its two systems for storing materials and loading oceangoing vessels at about 70% of normal rates. The second storage yard and handling system is currently under repair and will be returned to service in the near future.

TECO Energy Chief Operating Officer John Ramil said, "We are extremely proud of the hard work by all of TECO Transport's team members to refloat 70 barges and return the terminal to service under extraordinary conditions. The return of our terminal to service, well ahead of other terminals in the area, speaks highly of the dedication and resourcefulness of our people. Their efforts helped limit the overall impact on our business. They did a terrific job.

"TECO Transport's third quarter net income will reflect both lost business and the direct costs of the hurricanes of about $6 million. We expect the fourth quarter results to reflect the restoration costs and effects on the business primarily in October. We have wind and flood insurance on the terminal, but not business interruption coverage. We are continuing to work with our insurance carrier on the claim, but the final amount will not be known until we finish assessing damage and return to full operations. We have resumed unloading river barges and loading oceangoing vessels and are looking forward to more normal operations in November," Ramil continued.

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