New York Firm to Buy Maritrans

Monday, September 25, 2006
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 existing credit facilities, the release said.

Maritrans ships crude oil and petroleum products, and owns and operates one of the largest fleets of double-hull vessels serving the East coast and U.S. Gulf coast. OSG is one of the largest publicly traded tanker companies in the world. The deal diversifies OSG's U.S. Flag presence, the release said. The deal is expected to close by year-end 2006, subject to approval by a majority of Maritrans' shareholders and regulatory approvals. Jonathan Whitworth, chief executive of Maritrans, will become a senior vice president of OSG and oversee the combined companies' U.S. Flag strategic business unit, the release said. The U.S. Flag strategic business unit will operate its combined fleet from Maritrans headquarters in Tampa. UBS Investment Bank was OSG's financial advisor and Cravath, Swaine & Moore LLP was lead legal counsel. Merrill Lynch & Co., was Maritran's financial advisor and Morgan, Lewis & Bockius LLP is legal counsel. Maritrans, with $180.7 million in revenue in 2005, has been expanding its shipbuilding operations in Tampa. Source: Tampa Bay Business Journal

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ShipDC Launches with New Leader at the Helm

Ship Data Center Co., Ltd., a wholly owned subsidiary set up by ClassNK, has officially commenced operations of its big data center, ShipDC, from April 2016. Taking

New CMA CGM Agency in Puerto Rico

Shipping company CMA CGM announced the inauguration of its new agency in San Juan, Puerto Rico as from May 1, 2016.   The agency is opened in partnership with shipping agency Norton Lilly.

Harkand North America Salvaged by MBO

Ethos Offshore Completes Harkand North America Management Buy Out   A team led by AJ Jain, Harkand North America Managing Director, has agreed to a management

Cruise Ship Trends

Norwegian Cruise Line, EMC Ink Internet Deal

EMC has entered a long-term strategic agreement with Norwegian Cruise Line Holdings to deliver a faster Internet experience and premium entertainment over satellite

Raytheon Anschütz Steering Gear Control for Luxury Cruise Ships

The German navigation system manufacturer Raytheon Anschütz was awarded a retrofit contract of steering gear control systems for two luxury cruise ships chartered by Noble Caledonia Ltd.

Stomach Bug on Disney Cruise

An outbreak of gastrointestinal illness occurred aboard the the Disney Cruise Line ship the Disney Wonder last week, and more than 100 people have become sick,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0832 sec (12 req/sec)