OSG to Acquire Heidmar Lightering

Monday, February 26, 2007
Overseas Shipholding Group, Inc. will acquire the Heidmar Lightering business from Heidmar Inc., a subsidiary of Morgan Stanley Capital Group Inc. The operation, a fleet of four International Flag Aframax tankers and two U.S. Flag workboats, provides crude oil lightering services to refiners, oil companies and trading companies primarily in the U.S. Gulf. The business manages a portfolio of one-to-three year fixed rate cargo contracts.

Under the agreement, OSG will acquire the lightering fleet, which is time chartered-in to one of Heidmar Inc.'s subsidiaries, including a 50% residual interest in two specialized lightering Aframax tankers. The agreement is subject to certain conditions, including entering into definitive documentation. The lightering operation will add synergies and expand OSG's already significant Aframax cargo and logistical system in the Atlantic basin. In addition, it provides opportunities to serve U.S. West Coast customers with lightering service using OSG's Panamax tankers. Based in Houston, Texas, Heidmar Lightering has performed over 900 lighterings since beginning operations in November 2002. Jim Enright, 45, who has nearly 20 years of oil trading and shipping industry experience, will continue to lead the team of office staff and mooring masters out of Houston. Enright will report to Mats Berglund, Senior Vice President and Head of OSG's Crude Tanker unit.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

Coast Guard

USCG to Ensure Safety During World Series

The Coast Guard and local agencies are working to ensure the safety of boaters and baseball fans during World Series games at AT&T Park this weekend. The

USCG Monitoring Barge adrift in Beaufort Sea

U.S. Coast Guard personnel and Canadian federal agencies, including the Canadian coast guard, Transport Canada and Environment Canada, are monitoring a 134-foot

EUCAP Nestor Train 30 Somali Coast Guards

On 21 October, the European Union’s Maritime Capacity Building Mission in the Horn of Africa and Western Indian Ocean (EUCAP Nestor) celebrated the successful completion of a two month Mentoring,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.3179 sec (3 req/sec)