OSG Acquires Maritrans

Monday, December 04, 2006
Overseas Shipholding Group (OSG) and Maritrans Inc. announced that OSG has completed the acquisition of Maritrans Inc., a U.S. Flag crude oil and petroleum product shipping company that owns and operates one of the largest fleets of double hull Jones Act vessels serving the East and U.S. Gulf coastwise trades. The acquisition was made pursuant to the definitive merger agreement between the companies announced on September 25, 2006. Based on 12 million shares outstanding and the assumption of net debt outstanding as of September 30, 2006, the transaction is valued at $471 million. OSG financed the acquisition with borrowings under its revolving credit agreement and intends to repay up to $300 million of this amount from qualified withdrawals under its Capital Construction Fund (CCF). The transaction is expected to be immediately accretive to OSG's earnings, before consideration of any transaction synergies. Maritrans will be renamed "OSG America, Inc." As a result of the combination, OSG's U.S. Flag fleet now totals 35 operating and newbuild vessels that include handysize product carriers, a car carrier, dry bulk carriers and articulated tug barges. OSG's U.S. Flag fleet provides U.S.-based companies with a broad range of short-haul and long-haul transportation and lightering services. The strategic acquisition also gives OSG a presence in all four major U.S. trading routes.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

NITC Claims World's Largest Supertanker Fleet

According to the head of the National Iranian Tanker Company (NITC), Iran has 42 very large crude carriers or VLCCs, each able to carry 2 million barrels of oil, reports Press TV.

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

NITC Tankers Chart Western Course

Iran’s largest shipping company NITC, the privatized Iranian shipping company, is in talks for permission to sail in Western waters, says a report in WSJ.   NITC

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.1001 sec (10 req/sec)