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

People & Company News

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

CMA CGM to use Kingston As Transshipment Hub

French shipping giant CMA CGM plans to use Kingston Container Terminal,  Jamaica as a strategic Caribbean transshipment hub for an enlarged Panama Canal. The Port connects to US East Coast,

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Cruise Ship Trends

Crystal Cruises Plans Return to Port Everglades

Crystal Cruises' ships will return to Broward County's Port Everglades beginning in Fall 2017, having last sailed from the port in 2006.   Beginning October 27,

Kiel is First German Port of Call for Mein Schiff 5

The brand-new TUI Cruises newbuilding Mein Schiff 5 has arrived in Kiel – her first German port of call since being handed over in Turku, Finland, a few days ago.

Kiel Welcomes P&O’s Arcadia on Maiden Call

P&O Cruises’ Arcadia berthed June 22, for her first visit ever to the Port of Kiel, arriving just as the prestigious Kieler Woche sailing regatta marked its half-way point.

 
 
Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.0957 sec (10 req/sec)