V.Ships to Take Over OSG's International Shipping

MarineLink.com
Monday, January 13, 2014
Overseas Boston

Overseas Shipholding Group, Inc. (OSG) today announced that it intends to outsource the technical management of its international flag shipping business to V.Ships, a third-party ship manager. The outsourcing contract with V.Ships is subject to the approval of the bankruptcy court, which will be sought today and will be heard on February 3, 2014. The company’s U.S. flag business will continue with its current strategy and will continue to be headquartered in Tampa, Fla. Customers, employees, vendors and others involved with OSG’s U.S. business will see few, if any, changes.

Pursuant to a newly focused strategy, the outsourcing of technical management will provide the company’s international flag business with a competitive cost structure, consistent with industry best practice that will enable it to take advantage of future market opportunities. This new strategy will include the use of a world-class third-party ship management company, V.Ships, to provide technical management services to OSG’s international flag conventional tanker fleet. The international flag business, which has a strong history of pool participation, will now utilize pools as the principal commercial strategy for all of its vessels, and OSG intends to participate in independently managed tanker pools.

“The simplification of our International business will allow us to rely upon the economies of scale, systems, and expertise of leading third parties,” said OSG’s chief executive officer, Capt. Bob Johnston. “By outsourcing technical management and pursuing a pool strategy for all our international vessels, we will position our international business to emerge successfully from Chapter 11 with a smaller, more-concentrated fleet without the need for costly systems, multiple offices and the associated expense. Outsourcing will allow our international management team to focus on the strategic direction of the business as the market recovers by retaining key operational and commercial oversight.

“As we make this transition, we are committed to providing the same high level of service to our customers and maintaining our focus on safety, quality and environmental compliance. Customers will continue to be served by the same highly trained OSG crews as before, but under management by V.Ships, a larger organization with an established track record of incorporating industry best practices system-wide. For vendors, suppliers and others involved with our international flag business, there will be a seamless transition as V.Ships assumes various functions. As we continue our restructuring process and emerge from Chapter 11 as a stronger, more-focused business, we are confident that we will be well positioned to succeed,” concluded Capt. Johnston.
 

  • Capt. Bob Johnston

    Capt. Bob Johnston

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Syncrude Uncertain about Plant Fire Affecting Production

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze,

Hurricane Ignacio Gains Strength but Expected to Bypass Hawaii

Hurricane Ignacio intensified as it blew across the Pacific on a route likely to bypass Hawaii on Saturday, said the Central Pacific Hurricane Center of the National Weather Service.

United Heavy Lift Gears up for the Asian Boom

All set to expand its footprint in the South Asian market significantly, Hamburg based, United Heavy Lift (UHL) appointed strategically placed Lexicon Overseas Pvt Ltd.

Finance

TASI Acquires SignalFire Telemetry

TASI HOLDINGS INC. announced today it has completed the acquisition of all shares of SignalFire Telemetry, located in Hudson, Massachusetts.  This new acquisition

DP World Profit Up 22%

Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015,

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

News

Syncrude Uncertain about Plant Fire Affecting Production

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze,

Hurricane Ignacio Gains Strength but Expected to Bypass Hawaii

Hurricane Ignacio intensified as it blew across the Pacific on a route likely to bypass Hawaii on Saturday, said the Central Pacific Hurricane Center of the National Weather Service.

United Heavy Lift Gears up for the Asian Boom

All set to expand its footprint in the South Asian market significantly, Hamburg based, United Heavy Lift (UHL) appointed strategically placed Lexicon Overseas Pvt Ltd.

Barges

MN 100: Bouchard Transportation

The Company: Bouchard Transportation’s history dates back to its incorporation in 1918 by founder, Capt. Fred Bouchard, the youngest tugboat captain in the Port of New York.

ASL Shipyard Secures S$140mln Build Contracts

ASL Shipyard Pte Ltd. a wholly-owned subsidiary of ASL Marine Holdings Ltd., has secured new shipbuilding contracts worth approximately S$140 million for the construction

The Maritime Person of the Year

The Massachusetts Maritime Academy’s annual salute to ‘the person of the year’ this year spotlights McAllister Towing and Transportation Co. and its leadership team.

Logistics

United Heavy Lift Gears up for the Asian Boom

All set to expand its footprint in the South Asian market significantly, Hamburg based, United Heavy Lift (UHL) appointed strategically placed Lexicon Overseas Pvt Ltd.

World’s Quickest Trip Through Northern Sea Route

Chinese sailor Guo Chuan intends to make it world’s quickest Northern Sea Route trip from Murmansk to the Bering Strait in 14 days without engine power. His

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority 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: 0.6682 sec (1 req/sec)