American Shipping Company ASA (AMSC) announced that Overseas Shipholding Group (OSG) has declared its options to extend the bareboat charter agreements for two vessels currently under charter from AMSC to OSG by one year, moving the new bareboat expiry date to December 2023. In addition, OSG has provided notice not to extend the bareboat agreements for three vessels. These vessels will remain contracted with associated cash flows from OSG until the present charters expire in December 2022. Upon charter expirations and vessel redeliveries, the deferred payment obligations related to these three contracts of approximately USD 12 million will fall due and become immediately payable by OSG to AMSC.