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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.


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


Euronav Enters FSO Market

Euronav NV announced that Maersk Oil Qatar AS has awarded two contracts for the provision of Floating Storage and Offloading (‘FSO’) services on the Al Shaheen field off shore Qatar. The award has been made in favor of a joint venture between Euronav NV and Overseas Shipholding Group. Within the limits of its confidentiality obligations, the company can disclose that the award of the contracts for eight years is to be performed by two vessels, the TI Asia (2002) and the TI Africa (2002)


Overseas Shipholding CEO Capt. Robert Johnston to Retire

Chief Executive Officer Capt. Robert Johnston

  Overseas Shipholding Group, Inc. announced today that Captain Robert Johnston, President and Chief Executive Officer, will retire from the company effective immediately. He will continue to advise the company as a consultant through mid-2015.


Maritime Academy Awarded DHS Grant for Arctic Training

USCG photo

Maine Maritime Academy receives $450,000 grant From U.S. Department of Homeland Security for ice navigation and maritime first responder courses for the Arctic Maine Maritime Academy has been awarded $450,000 by the U. S. Department of Homeland Security (DHS) Science & Technology


Netsco Appoints Flores

Jan M. Flores

Netsco announces  Jan M. Flores, as Sr. Director of Business Development. Flores comes to Netsco from OSG (Overseas Shipholding Group) where he headed the FSO Group and was responsible for Business Development in the Offshore market. Prior to his assignment with the FSO Group


Eagle Bulk Cuts Debt by 80%, Shares Skyrocket

Eagle Bulk Shipping Inc's shares shot up to as much as $15.46 from 68 cents as the company cut its borrowings by about 80 percent after converting debt into equity under a financial restructuring program. The stock was the top percentage gainer on the Nasdaq, with more than 14


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.


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


Container Shipper Nautilus Files for Bankruptcy

Nautilus Holdings Ltd, a Bermuda-chartered company that leases containerships, has filed for Chapter 11 bankruptcy protection in New York, becoming the latest victim of a depressed shipping industry. The company has about $770 million in debt, according to papers filed late Monday with the U.S


Eagle Bulk Shipping Files for Bankruptcy

Photo courtesy of Eagle Bulk Shipping

Eagle Bulk Shipping filed for bankruptcy on Wednesday, the latest in a string of shipping companies to make a Chapter 11 filing, and said it reached agreement with its lenders to cut its debt by $975 million. The U.S. company said in a statement that creditors who hold more than 85 percent of






 
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