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 Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

Cruise Ship Trends

2 Cruise Season Records at Lerwick Harbor

The arrival of the cruise ship Norwegian Star at Lerwick Harbour today (Thursday 25 September) marks the end of the Shetland port's best season yet, with two records achieved.

Holland America Line Wins 8 Magellan Awards

Travel Weekly magazine announced the recipients of its 2014 Magellan Awards, and Holland America Line received eight of the prestigious honors. The line won

USCG Medevacs Cruise Ship Passenger Near Oahu

The Coast Guard medevaced a 76-year-old man being treated for internal bleeding from a cruise ship 80 miles north of Oahu, Tuesday. An MH-65 Dolphin helicopter

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1343 sec (7 req/sec)