OSG Joins NYSE "Big Board"
Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”) announced today that it has been approved by the New York Stock Exchange (“NYSE”) to transfer its stock listing to the NYSE from the NYSE MKT. The Company’s common stock, which will continue to trade under the ticker symbol OSG, is expected to commence trading on the NYSE effective Tuesday, June 28, 2016. Prior to that date, the Company’s common stock will remain on the NYSE MKT, but trading on the NYSE MKT will cease concurrent with the listing of its common stock on the NYSE. “Our return to the NYSE is an important milestone for the Company made possible by the hard work of our employees and the support of shareholders,” said Captain Ian T. Blackley, OSG’s president and CEO.
Seafarers International House Honors Maritime Leaders
Members of the maritime community gathered last evening at the New York Athletic Club to honor three of its leaders: H. Marshall Ainley (President, Marine Engineers’ Beneficial Association), Ian T. Blackley (President & CEO, Overseas Ship Management, Inc.) and Raymond J. Burke Jr. (Partner, Burke & Parsons). These individuals were given the 2016 “Outstanding Friend of Seafarers” Award by Seafarers International House, a Lutheran, non-profit agency serving merchant seafarers in Baltimore, Philadelphia, New York, New Jersey, Connecticut and Rhode Island, at the organization’s 16th Annual “Setting the Course” Awards Banquet. * Marshall Ainley was elected president of MEBA in January 2014 and is a 1982 graduate of the U.S. Merchant Maritime Academy in Kings Point, NY.
OSG Reports $284m Profit In 2015
Overseas Shipholding Group, a provider of oceangoing energy transportation services, reported results for the fourth quarter and full year 2015. The company reported net income of $9.3 million in its fourth quarter. The crude oil and petroleum transportation company posted revenue of $243.7 million in the period. For the year, the company reported profit of $284 million, or 49 cents per share. Revenue was reported as $964.5 million. The Board has declared a dividend of $0.08 per share. “We are pleased to report strong results for the 4th quarter and full year 2015,” said Captain Ian T. Blackley, OSG’s president and CEO. “The positive supply and demand fundamentals in the international tanker market…
Overseas Shipholding Profits Up by 31%
Overseas Shipholding Group, Inc. (OSG, a provider of oceangoing energy transportation services, reported results for the quarter ended March 31, 2015. Adjusted EBITDA was $113.7 million, up 31% from $86.6 million in the same period in 2014. Net income for the first quarter was $42.9 million, compared to $12.6 million in the same period in 2014. Time charter equivalent (TCE) revenues for the first quarter of 2015 totaled $221.6 million, up 3% compared with the same period in 2014 even as revenue days decreased by 18%. VLCC spot rates increased to approximately $49,300 per day in the first quarter, up 54% compared with the same period in 2014 and the highest average first quarter VLCC spot rates in five years.
Blackley Promoted at OSG
Overseas Shipholding Group, Inc. said that Captain Ian T. Blackley has been promoted to Senior Vice President. Captain Blackley, 54, leads International shipping operations, which includes operational oversight and management of OSG’s 94 crude oil tankers, product carriers and LNG vessels that trade worldwide.
