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Overseas Shipholding

FTC Clears Maritrans Deal

The Federal Trade Commission has cleared the $455 million purchase of Maritrans Inc. by Overseas Shipholding Group. New York-based Overseas Shipholding announced last month it would buy Tampa-based Maritrans paying $37.50 in cash for each share of Maritrans stock.


OSG to Time Charter Product Carriers

Overseas Shipholding signed agreements with subsidiaries of Cido Tanker Holding to timecharter a pair of product/chemical carriers for 10 years. The 47,000 dwt ships will be built at Hyundai Mipo Dockyard and are scheduled for delivery in 2009. The two vessels, the Overseas Polaris and the Overseas Pisces, will have six segregations, and will be able to transport petroleum products, vegetable oils and IMO III chemicals. Delivery of the vessels will increase the number of International and U


Hyundai Heavy To Build Two VLCCs

South Korea's Hyundai Heavy Industries has reportedly signed a memorandum of understanding with Overseas Shipholding Group Inc. to build two 308,000-ton VLCCs. A Hyundai official said the ship prices were confidential. The ships will be 335 meters long, 31 meters deep and 58 meters wide, and will be delivered between August 2001 and January 2002, Hyundai officials said.


New York Firm to Buy Maritrans

Overseas Shipholding Group Inc. has a definitive agreement to acquire Maritrans Inc., for $455 million. Terms call for New York-based Overseas Shipholding to acquire Maritrans in an all-cash transaction for $37.50 a share, a 47 percent premium over Maritrans' closing price of $25.50 on Sept. 22. OSG also will assume Maritrans' debt outstanding as of June 30, according to a release from the companies. OSG will finance the deal through a combination of available cash and borrowings under


Tesoro Charters Two from OSG Tankers

Tesoro Expands Relationship with OSG and Charters Two Additional Jones Act Product Tankers Overseas Shipholding Group announced that time charter agreements have been signed for two more Jones Act commercial product tankers being built at the Aker Philadelphia Shipyard. The agreements were made between OSG and Gold Star Maritime Company, an affiliate of Tesoro Corporation (Tesoro), an independent refiner and marketer of petroleum products.


OSG to Build More Tankers

(Pictured is Overseas Houston) Overseas Shipholding Group, Inc. (OSG), signed an agreement in principle pursuant to which Aker Philadelphia Shipyard, a subsidiary of Aker American Shipping ASA, will build up to six additional Veteran Class MT-46 Jones Act Product Tankers (three fixed plus three options). Once transferred to another Aker subsidiary, American Shipping Corporation, OSG will bareboat charter the vessels for initial terms of 10 to 15 years


Harley Marine was Pivotal Private Equity Speaker at Marine Money

Harley Franco, Founder and Chairman of Pacific Coast operator Harley Marine Services, Inc., was a pivotal private equity speaker at a recent Marine Money conference held in New York City. Mr. Franco represented the private equity position on a finance panel consisting of public maritime companies including Overseas Shipholding Group and Horizon Line. In his presentation, Mr. Franco outlined the various finance structures utilized which enabled him to remain private


Aker and OSG Announce Agreement for up to Six More Tankers

Aker American Shipping ASA and Overseas Shipholding Group, Inc. announced that they have signed an agreement in principle pursuant to which Aker American Shipping subsidiary, Aker Philadelphia Shipyard, will construct up to six additional Veteran Class MT-46 Jones Act Product Tankers (three fixed plus three options) and transfer them to another subsidiary, American Shipping Corporation, which will bareboat charter them to subsidiaries of OSG for initial terms of 10-15 years.


Aker American Shipping Signs Agreement With Hyundai Mipo

Aker American Shipping has, through its subsidiary Aker Philadelphia Shipyard, Inc., signed an agreement with Hyundai Mipo Dockyard Co. Ltd. extending the current relationship to include additional tankers as well as containerships. This further solidifies the strong partnership between Aker American Shipping, a leading Jones Act ship owner, and Hyundai Mipo Dockyard, a leading global shipbuilder. Under an agreement signed in 2004


OSG Buys Two U.S. Flag Tankers

Overseas Shipholding Group, Inc. has purchased and taken delivery of two 50,000-deadweight ton U.S. Flag product tankers from Attransco, Inc. The two double bottom vessels, the S/R Galena Bay and the S/R Puget Sound, were built in 1982 and 1983, respectively, and currently are on bareboat charter to SeaRiver Maritime, Inc., a subsidiary of ExxonMobil. "This acquisition demonstrates OSG's commitment to expand its U.S. Flag


CPLP, OSG Reach Conditional Agreement

Capital Product Partners L.P. (the "Partnership" or CPLP) (NASDAQ: CPLP) has reached a conditional agreement with Overseas Shipholding Group Inc. (OSG) and certain of OSG's subsidiaries regarding the long term bareboat charters of three of its product tanker vessels.


Euronav: Extension of FSO Financing

Euronav Eugenie

Euronav announced that it has, jointly with Overseas Shipholding Group, Inc., signed a two-year extension of the tranche related to the FSO Africa (the Africa Tranche), part of the $500 million senior secured credit facility originally signed in October 2008.


V.Ships to Take Over OSG's International Shipping

Overseas Boston

Overseas Shipholding Group, Inc. (OSG) today announced that it intends to outsource the technical management of its international flag shipping business to V.Ships, a third-party ship manager. The outsourcing contract with V.Ships is subject to the approval of the bankruptcy court


OSG Withdraws Authorization to Sell Assets

Photo: Euronav

On February 4, 2014, Euronav announced that it had formed a joint venture with GSO Capital Partners LP (GSO) for the purpose of potentially purchasing some vessels from certain subsidiaries of Overseas Shipholding Group (OSG) who are currently in bankruptcy proceedings under Chapter 11 of the


Iran Has Too Few Tankers to Sustain Oil Flow

Oil exports from Iran, OPEC’s second-largest producer, may drop because the nation’s tanker fleet is too small to carry all its cargoes, as European Union sanctions cause international ship owners to avoid the country. NITC owns 39 vessels


EU Considers Allowing Insurance for Tankers Sailing to Iran

The European Union may allow insurance against risks, such as collisions and spills, for tankers carrying Iranian oil, a proposal which would ease curbs on Iran’s crude exports. The EU would prohibit the insurance and re-insurance of Iranian oil “except for third-party liability


New Leadership Named at Heidmar

Norwalk, CT -- The Board of Directors of Heidmar Holdings LLC, the holding company for Heidmar Inc. (the "Company"), has announced that it has selected its new Executive team to lead the Company. Marc La Monte has been appointed President and Chief Executive Officer of Heidmar Inc


NP 5000 Improves Fuel Consumption

NautoPilot 5000 with Integrated Heading and Rudder Plotter.

As a consequence of recent IMO regulations, shipowners are requested to improve energy efficiency of their ships’ operation with regard to various factors that drive fuel consumption and emissions. The German navigation system manufacturer Raytheon Anschütz addresses these requirements


FSO Africa Signs New Agreement

Euronav has announce that TI Africa Limited, the owner of FSO Africa, has signed a new agreement with Maersk Oil Qatar AS (MOQ) for the provision of FSO services on the Al Shaheen field offshore Qatar.   The contract has a fixed duration of five years beginning 1 October 2012 with an option


OSG's FSO Joint Venture signs New Agreement

Overseas Shipholding Group, Inc. has announced that a new service agreement has been signed with Maersk Oil Qatar AS ("MOQ") for FSO Africa, a floating storage and offloading service vessel (FSO) jointly owned by OSG and Euronav N.V. (Euronext Brussels: EURN)


Maersk Oil Qatar Charter 'FSO Africa'

'FSO Africa', owned by TI Africa, on long-term contract to Maersk Oil Qatar (MOQ) for services on the Al Shaheen Field. The contract has a fixed duration of five years from 1 October 2012 with an option granted to MOQ to extend the contract period for either one or two years.


NAMEPA Announce Upcoming Conference, Awards

Clay Maitland: Photo credit NAMEPA

Clay Maitland, Chairman of the North American Marine Environment Protection Association (NAMEPA), announces two major events. NAMEPA’s Environmental Intelligence in Maritime Conference, will feature “Greening the Marine Transportation System”, “The Arctic”


Tankship Owners OSG File Chapter 11 Process

Overseas Shipholding Group, Inc. starts Chapter 11 process to reduce debt & other financial obligations to create more solid financial foundation. The Chapter 11 petition for itself and certain operating subsidiaries was filed in the U.S. Bankruptcy Court for the District of Delaware.


Matt Yacavone Joins Crowley

Matt Yacavone: Photo credit Crowley

Matt Yacavone joins Crowley as Vice President of Sales and Chartering, Petroleum Services. He will be domiciled in the company's Jacksonville headquarters and report to Rob Grune, senior vice president and general manager, petroleum services.


Overseas Shipholding's Leadership Change

johnston_hi_res web.jpg

Arntzen Resigns, Johnston Takes the reigns at OSG Overseas Shipholding Group announce the appointment of Captain Robert Johnston as President & CEO. Morten Arntzen has resigned as President and Chief Executive Officer and as a director of the Company to be succeeded by Johnston.


 
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