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CHANDRIS AND OVERSEAS SHIPHOLDING GROUP INC. COMPLETE CRUISE JOINT VENTURE

 CHANDRIS AND OVERSEAS SHIPHOLDING GROUP INC.
 COMPLETE CRUISE JOINT VENTURE
 NEW YORK, Oct. 21 /PRNewswire/ -- The Chandris Cruise Division and Overseas Shipholding Group, Inc. (NYSE: OSG) today completed the formation of their previously announced joint venture in the cruise business.
 The joint venture company, Celebrity Cruise Lines, Inc., owns six cruise ships which will continue to operate under the trade names of Celebrity Cruises and Fantasy Cruises.
 Chandris contributed to the venture its six cruise ships, including three in the premium segment of the market: the Zenith, built in 1992; the Horizon, built in 1990; and the Meridian, totally rebuilt in 1990. OSG contributed approximately $220 million in cash that will be used primarily to finance a planned expansion of the fleet. Celebrity Cruise Lines Inc.'s assets are in excess of $800 million.
 OSG, one of the largest bulk shipping companies in the world, owns and operates a fleet of 65 vessels with an aggregate carrying capacity of approximately 6.1 million deadweight tons. Its shares are listed on the New York Stock Exchange.
 -0- 10/21/92
 /CONTACT: David Kogut, Anne Kazel or Joan Brower of GCI Group, 212-546-2687, for Celebrity Cruise Lines/
 (OSG) CO: Chandris Cruise Division; Overseas Shipholding Group, Inc. ST: New York IN: LEI SU: JVN


AH-CK -- NY076 -- 2924 10/21/92 13:02 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
Words:220
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