MARAD Approves First Vessels For Participation in Tanker Security Program

MARAD has approved the first boats for the Tanker Security Program (TSP), a public-private collaboration to provide US-flag product tankers to US armed troops during times of conflict or national emergency.

TSP aims to ensure these tankers can compete in international trade and strengthen supply chain resilience for gasoline products.

Overseas Shipholding Group, located in Tampa, said that three of its medium-range tankers—Overseas Santorini, Overseas Mykonos, and Overseas Sun Coast—were among the ten vessels admitted into TSP.

MARAD has yet to release information on the other participating vessels. The US government has set aside $6 million per year for each ship in the program, which is supported by the Fiscal Year 2022 Consolidated Appropriations Act.

“We are honoured to be a part of this programme and assist the US government with military efforts,” said Sam Norton, CEO and President of OSG. This plan is projected to boost the number of domestically flagged tankers while also creating additional jobs for American seamen.”

Reference: Marine Link, Marine Log

MARAD Approves First Vessels For Participation in Tanker Security Program appeared first on Marine Insight – The Maritime Industry Guide

Source: Maritime Shipping News