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International Shipholding

International Shipholding, Seminole Settle Litigation

Seminole Electric Cooperative Inc. has reportedly paid $23 million for a settlement of shipping-related litigation with Central Gulf Lines Inc., a wholly owned subsidiary of International Shipholding Corp.

ISH Buys Integrated Tug/Barge Unit

International Shipholding Corporation (ISH) has bought the integrated tug/barge unit, 'Coastal 202' and 'Florida Enterprise', from CIT and GE Capital. These two vessels have been operating under a sale and leaseback arrangement and were part of ISH’s purchase of United Ocean Services. Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “Exercising our buy-out option on this integrated tug/barge unit further solidifies our commitment to maintaining our

ISH: Steel Import Sanctions Hurt 4Q Earnings

International Shipholding Corp., in announcing its fourth quarter results yesterday, noted that while fourth quarter results were improved from the third quarter, the period was negatively impacted by lower results in the company’s TransAtlantic LASH service, which experienced reduced cargo volume largely because of U.S. sanctions on foreign steel imports. For the three months ended December 31, 2002, recorded revenue was $58.3 million versus $65

S&P Cuts International Shipholding Ratings

Standard & Poor's lowered its rating on International Shipholding Corp.'s (ISC) $110 million 7.75% senior unsecured notes due Oct. 15, 2007, and $100 million 9% senior unsecured notes due July 1, 2003. The corporate credit rating on the company is affirmed. The downgrade on the notes is based on the increased proportion of secured debt in the company's capital structure, which has been used to finance the acquisition of additional vessels(primarily car carriers) over the past year and which

International Shipping Corp Public Share Offering

US-based International Shipholding Corporation (NYSE: ISH) plans to offer shares of its Series B Cumulative Redeemable Perpetual Preferred Stock in an underwritten registered public offering. ISH intends to use the net proceeds from the offering for working capital and other general corporate purposes, including using a substantial portion of the funds to repay certain indebtedness and to finance certain vessel investment costs

ISC Files for Chapter 11 Protection

Photo: International Shipholding Corporation

 International Shipholding Corporation (ISHC) and certain of its subsidiaries have each filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York.     The Company currently intends to continue operating in the normal course of business without interruption.   To facilitate the Chapter 11 process

Osprey to be De-listed from Singapore Exchange

Marine and chartering services provider Osprey Maritime Ltd said on Friday it will be de-listed from the Singapore Exchange on May 15 following its acquisition by World Shipholding Group owned by Norwegian magnate John Fredriksen. Company officials said that after a public tender, World Shipholding now owned about 98.6 percent of the firm's existing share capital and a de-listing was necessitated as it was not feasible to restore a minimal free float.

Haji-Ioannou Considers Buying Osprey's Clean Tankers

Airline chief Stelios Haji-Ioannou's tanker company Stelmar has abandoned its bid for the First International fleet of clean tankers and is now reportedly considering those of Singapore-listed Osprey Maritime, Reuters reported. "Stelmar is looking at the Osprey ships, because the deal with First International is now looking too messy and too time-consuming," a New York-based source told Reuters. Stelmar's London office declined to comment

Seaarland and OSG Set up Suezmax Pool

Amsterdam-based Seaarland Shipping Management and New York-based Overseas Shipholding Group have set up Suezmax International, a commercial pool which will initially operate eight tankers. The Suezmax International Pool is co-managed by in and OSG Ship Management Inc. in . OSG and Seaarland have committed eight ships to the pool so far: the Overseas London, Overseas Newcastle, Genmar Hope, Elisewin, and four newbuildings due for delivery from Nantong Rongsheng Shipbuilding, during  2009

OSG Reports $284m Profit In 2015

Photo: Overseas Shipholding Group, Inc.

 Overseas Shipholding Group, a provider of oceangoing energy transportation services, reported results for the fourth quarter and full year 2015.   The company reported net income of $9.3 million in its fourth quarter. The crude oil and petroleum transportation company posted revenue of $243.7 million in the period.   For the year, the company reported profit of $284 million, or 49 cents per share. Revenue was reported as $964.5 million.  

OSG Joins NYSE "Big Board"

Overseas Shipholding Group leading provider of global energy transportation services, delivering crude oil, petroleum products and liquefied natural gas throughout the world.Courtesy OSG

Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”) announced today that it has been approved by the New York Stock Exchange (“NYSE”) to transfer its stock listing to the NYSE from the NYSE MKT

De Nora Retrofits Two BWS for OSG

OSGs ship, Overseas Athens Photo De Nora

De Nora announced a contract with Overseas Shipholding Group (OSG) (NYSE MKT:OSG), one of the largest tanker companies in the world, to supply two ballast water management systems (BWMS). De Nora BALPURE systems will ensure that the Overseas Milos and Overseas Athens, both 50

Moody's: Ratings of Overseas Shipholding on Review for Downgrade

Photo: OSG

 Moody's Investors Service, has placed the ratings of Overseas Shipholding Group, Inc. (OSG) under review for downgrade, including its B2 corporate family and Caa1 senior unsecured ratings, and the B1 and Ba2 senior secured debt ratings of its subsidiaries, OSG Bulk Ships, Inc

De Nora Bags Repeat BWTS Order from OSG

Image: De Nora

Electrochlorination equipment supplier De Nora has received an order from tanker company Overseas Shipholding Group (OSG) for its BALPURE ballast water treatment systems (BWTS). OSG will retrofit the proprietary slipstream electrochlorination BWTS on four 69

Ecochlor BWTS


Ballast water treatment technology developer Ecochlor Inc. presented a project case study at CMA Shipping 2015, a case study which covered the retrofit of Ecochlor’s ballast water treatment system (BWTS) aboard the 2007-built RoRo car carrier vessel M/V Green Bay following an order from

SCI Presents Silver Bell Awards 2015

Photo: SCI

A shared passion and concern brought together a diverse group of people from several segments of the maritime industry to celebrate the milestone achievements of three careers and to raise funds to support mariners served by SCI.   More than 770 individuals assembled on Thursday, June 4

Poseidon to Go Public

Image: New York Stock Exchange

 Poseidon Containers Holdings, a private equity backed containership operator with an initial fleet of 18 vessels, has filed for an initial public offering.    It plans to raise $100 million, which is likely only a placeholder as Poseidon has not specified the number of shares to

Overseas Shipholding Investors Settle Lawsuit with Execs, Others

Overseas Shipholding Group Inc investors have reached $16.25 million in settlements with the executives, underwriters and an auditor of the tanker company in a lawsuit related to its 2012 bankruptcy and tax problems.   Company directors and officers

VARD Secures PSV Charter from DOF

Photo: VARD

Vard Holdings Limited announced it has secured a bareboat charter contract for the first of two vessels whose original shipbuilding contracts were terminated earlier during the year. The vessel, a platform supply vessel (PSV) of VARD 1 08 design

Overseas Shipholding Profits Up by 31%

Image: Overseas Shipholding Group

 Overseas Shipholding Group, Inc. (OSG, a provider of oceangoing energy transportation services, reported results for the quarter ended March 31, 2015.    Adjusted EBITDA was $113.7 million, up 31% from $86.6 million in the same period in 2014.  

PC Maritime ECDIS for 39 OSG Tankers

l to r, John Brechin Managing Director V.Ships UK, Captain Yun Ho No, Vice President OSG Ship Management, Mike Dunstall, Commercial Manager PC Maritime, David Edmonds, Managing Director PC Maritime, William Nugent, Vice President OSG Ship Management, and Brian Kinson, technical manager OSG Ship Management

PC Maritime has secured a contract to supply, install and commission dual Navmaster ECDIS on 39 tankers owned by Overseas Shipholding Group (OSG) and managed by V.Ships UK.  The contract is to be completed and all crew trained and certified by the end of 2016.  

Capital Product Partners Declare Cash Distribution

Photo Capital Product Partners

Capital Product Partners L.P. a Marshall Islands master limited partnership and an international owner of modern tanker, container and drybulk vessels today announced that its board of directors has declared a cash distribution of $0.2385 per common unit for the fourth quarter of 2015 ended

Charity Banquet to Honor ‘Outstanding Friends of Seafarers’

Seafarers International House will hold its 16th annual awards banquet from 6-10 p.m. on April 21 at the New York Athletic Club.   The banquet will honor Marshall Ainley, president of Marine Engineers’ Beneficial Association (MEBA); Ian Blackley

Saga Shipholding’s Optimarin Experience Drives BWT Orders

Photo courtesy of Saga Shipholding

Ballast water treatment (BWT) specialist Optimarin has signed a contract with Saga Shipholding for the provision of three of its Optimarin Ballast Systems (OBS). The order marks a new chapter in the working relationship between the two, with Saga originally purchasing an initial 26 systems from

VARD Orders BWT Systems for Topaz Newbuilds

Optimarin Skid 334-FS 2 (Image: Optimarin)

Ballast water treatment (BWT) system Optimarin has picked up an order covering 15 vessels from VARD shipyards.   The vessels, VARD 9 21 Design specialist module carriers, will be constructed for ship owner Topaz at two shipyards in Romania - Vard Braila and Vard Tulcea – and one in

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