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Friday, September 30, 2016
Osg

OSG Increase in Proposed Tender Offer Price

OSG America, L.P. (OSG America, NYSE: OSP) reported that Overseas Shipholding Group, Inc. (OSG; NYSE: OSG), which owns a 77.1% interest in OSG America, announced that it has increased the price per unit that it will offer to pay for all of the outstanding publicly held common units of OSG America from $8.00 to $10.25 per unit in cash. The increased offer price represents a 28% increase over the original proposed offer price of $8.00 per unit, a premium of approximately 44% over the closing price of the units on July 29, 2009, the last full trading day prior to the first public announcement of OSG’s proposed offer, and a premium of approximately 42% above the average closing price of the units for the 90 trading days immediately preceding July 29.

BP to Charter Two OSG-Controlled Product Carriers

Overseas Shipholding Group, Inc. Kvaerner Philadelphia Shipyard. U.S. market. Aker and OSG announced the 10-ship program in April 2005. 2006, took place in the yard's dry dock in October. beginning of steel cutting for the ship in late November.

OSG to Build More Tankers

Overseas Shipholding Group, Inc. (OSG), signed an agreement in principle pursuant to which Aker Philadelphia Shipyard, a subsidiary of Aker American Shipping ASA, will build up to six additional Veteran Class MT-46 Jones Act Product Tankers (three fixed plus three options). Corporation, OSG will bareboat charter the vessels for initial terms of 10 to 15 years. The agreement in principle is subject to, among other conditions, approval by the Boards of Directors of OSG and Aker American Shipping, preparation and agreement of final documentation and relevant government approvals. between OSG and BP for one more of the 46,000 dwt Jones Act commercial product tankers being built at Aker Philadelphia Shipyard.

CPLP, OSG Reach Conditional Agreement

Capital Product Partners L.P. (the "Partnership" or CPLP) (NASDAQ: CPLP) has reached a conditional agreement with Overseas Shipholding Group Inc. (OSG) and certain of OSG's subsidiaries regarding the long term bareboat charters of three of its product tanker vessels. On November 14, 2012, OSG made a voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware, and it is currently subject to bankruptcy proceedings. CPLP had three IMO II/III Chemical/Product tankers (M/T Alexandros II, M/T Aristotelis II and M/T Aris II, all built in 2008 by STX Offshore & Shipbuilding Co. Ltd.) with long term bareboat charters to subsidiaries of OSG.

OSG’s Q4 Results & Improving Outlook

Overseas Shipholding Group’s Q4 2009 results were aided by an unexpected tax credit. OSG reported a loss of $0.59 excluding one-time items versus our ($1.02) forecast and the Street’s ($1.25) forecast. However a $30.5 million tax credit for 2009 against 2004 earnings led to the earnings beat, as earnings without the tax credit would have been ($1.73). The actual cash tax credit will be $43 million, which OSG will receive in 2010. TCE revenues were $5 million below our forecasts on slightly lower utilization than we had expected while G&A costs of $36 million were $5 million higher than we forecast. Management guided stronger 1Q10 results.OSG disclosed that 66% of its spot VLCC days have been fixed at an average of $50,000/day, with 57% of its spot Aframax days done at $25,000/day.

OSG Sells Seven Tankers

Overseas Shipholding Group, Inc. (NYSE:OSG) announced today that it agreed to sell seven tankers to Double Hull Tankers, Inc. (DHT) in connection with DHT's initial public offering announced earlier today. In consideration, Overseas Shipholding Group, Inc. (OSG) will receive $412.6 million in cash and 14 million shares of DHT common stock, representing a 47 percent equity stake in the new tanker concern. The total proceeds to OSG value the transaction at $580.6 million, net of fees and expenses. OSG will time charter the vessels from DHT for periods of five to six and one-half years with various renewal options up to an aggregate of five to eight years depending on the vessel. The transaction is immediately accretive to earnings.

OSG To Acquire Stelmar Shipping

Overseas Shipholding Group, Inc. transportation services with one of the world's largest and most modern Handymax and Panamax tanker fleets. Stelmar. value of the transaction is approximately $1.3 billion. Executive Officer of OSG. LNG sector," Mr. Arntzen continued. deadweight tons. international flag vessels totaling 12.9 million deadweight tons. double-sided," Arntzen concluded. segments. facilities." Mr. on crude transportation with spot orientation. and Panamaxes with time charter orientation. shareholders and satisfaction of customary closing conditions. transaction is expected to close by the end of January 2005. with the transaction.

OSG Acquires Stelmar Shipping

Overseas Shipholding Group, Inc. price of $48.00 per share. Stelmar's outstanding shares. outstanding shares approved the merger agreement. number of vessels and the third largest measured by deadweight tons. totaling 12.8 million deadweight tons. vessels are double-hulled or double-sided. years, 10.2 years and 13.9 years, respectively. world Handymax fleet average age of 13.8 years. Company has on order four LNG vessels of 864,800 cbm. Executive Officer of OSG. VLCC and Aframax sectors and its recent entry into the LNG sector," Mr. Arntzen continued.

OSG Acquires Maritrans

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).

Tankship Owners OSG File Chapter 11 Process

Overseas Shipholding Group, Inc. starts Chapter 11 process to reduce debt & other financial obligations to create more solid financial foundation. The Chapter 11 petition for itself and certain operating subsidiaries was filed in the U.S. Bankruptcy Court for the District of Delaware. Certain subsidiaries, including those that manage the Company’s facilities in Manila, Singapore, Greece, London and Newcastle, have not filed for Chapter 11 reorganization. A complete list of the OSG entities which filed, and those which did not file, Chapter 11 petitions, is available at www.kccllc.net/osg. OSG intends to work with its constituencies to emerge from bankruptcy as quickly as possible while maintaining the company’s market position, business model and strategy.

Aker and OSG Announce Agreement for up to Six More Tankers

Aker American Shipping ASA and Overseas Shipholding Group, Inc. initial terms of 10-15 years. $700M (before profit sharing) reflecting the higher rates and longer terms. and agreement of final documentation, and relevant government approvals. Act commercial product tanker being built at Aker Philadelphia Shipyard. time charters in place.

OSG to Withdraw Pacific Stock Exchange Listing

Overseas Shipholding Group, Inc. announced plans to withdraw the listing of its common stock from NYSE Arca, Inc., formerly the Pacific Stock Exchange. OSG's common stock will continue to be listed on the New York Stock Exchange. OSG has decided to withdraw its listing from NYSE Arca, Inc. because following the NYSE Group, Inc.'s recent merger with Archipelago Holdings, the parent company of NYSE Arca, Inc., each of OSG, NYSE Arca, Inc. and the NYSE have concluded that dual listing offers no benefit with respect to trading quality and service, and NYSE Arca, Inc. has substantially increased its annual listing fee effective as of January 1, 2007. The withdrawal is expected to be effective prior to the end of the year. NYSE Arca, Inc.

Tesoro Charters Two from OSG Tankers

Overseas Shipholding Group announced that time charter agreements have been signed for two more Jones Act commercial product tankers being built at the Aker Philadelphia Shipyard. The agreements were made between OSG and Gold Star Maritime Company, an affiliate of Tesoro Corporation (Tesoro), an independent refiner and marketer of petroleum products. Tesoro has chartered a total of four Jones Act commercial product tankers from OSG. of ships chartered of OSG's ten-ship order to eight. Four tankers are currently under construction at the yard, with the first, the Overseas Houston, slated to be named on November 11, 2006. The balance of the tankers will be delivered through 2010.

OSG Signs Time Charter for Four

Overseas Shipholding Group, Inc. signed an agreement with Parakou Shipping Ltd., an international shipping company based in Hong Kong, to time charter four product carriers for 10 years each. vessels, two of which are already under construction, will be built by STX Shipbuilding Co., Ltd. in Korea and are scheduled for delivery to OSG in September and October 2006 and April and June 2007. The product carriers, all sister ships with a capacity of 51,000 dwt and six segregations, will be able to transport petroleum products, vegetable oils and IMO III chemicals. Delivery of the vessels will increase the number of International and U.S. Flag product carriers in OSG's fleet to 50.

OSG, DHT Announce Exercise of Overallotment Option

Overseas Shipholding Group, Inc. (OSG) and Double Hull Tankers, Inc. (DHT) announced that Merrill Lynch & Co. and UBS Investment Bank have exercised their option to purchase 750,000 shares of common stock of DHT. OSG granted the underwriters the 30-day option to purchase up to an additional 750,000 shares of common stock for the purpose of covering overallotments in connection with its previously announced offering of 5,000,000 shares of common stock of DHT. OSG expects to recognize an additional gain from the sale of the 750,000 shares of approximately $2 million in the second quarter of 2007. After completion of the sale, OSG's beneficial ownership of DHT's common stock will be reduced from approximately 12.5%, or 3,751,500 shares, to approximately 10.0%, or 3,001,500 shares.

OSG to Pay $27m for Vessel Pollution

Overseas Shipholding Group Inc. General Matthew J. McKeown, U.S. Attorney Michael J. District of Massachusetts, and U.S. Sullivan. and outside independent auditing of OSG ships trading worldwide. $10 million. deliberate vessel pollution. from Ships, conspiracy, false statements, and obstruction of justice. projects coast to coast. role in blowing the whistle on illegal conduct. may be awarded up to half of a criminal fine. on the fine imposed according to the Act to Prevent Pollution from Ships.

MarAd, OSG Sign Agreement

The Maritime Administration and Overseas Shipholding Group, Inc, yesterday signed an agreement that will provide training opportunities for American maritime academy cadets on board OSG’s international vessels. The public-private partnership is the first formal agreement to make available on-board training billets in the international fleet for U.S. maritime academy cadets. Under the terms of the agreement, cadets from the U.S. Merchant Marine Academy and all six state maritime academies will be able to obtain work experience and training on board OSG vessels. Under international and national requirements, maritime academy cadets must serve at sea, for an average of 300 days, in order to obtain enough shipboard training for a merchant marine officer license.

OSG Joins NYSE "Big Board"

Overseas Shipholding Group leading provider of global energy transportation services, delivering crude oil, petroleum products and liquefied natural gas throughout the world.Courtesy OSG

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.

OSG Appoints New VP of Corporate Finance

Overseas Shipholding Group, Inc. announced that Henry Flinter was appointed Vice President, Corporate Finance of OSG Ship Management, Inc., a newly created position reporting to Myles Itkin, Chief Financial Officer. Flinter will have oversight of treasury, corporate finance and capital market transactions and has nearly 20 years' experience in senior finance and accounting positions. He joined OSG in 2002 as Assistant Vice President, Accounting and in January 2005 was promoted to Vice President, Accounting.

Overseas Shipholding Investors Settle Lawsuit with Execs, Others

Overseas Shipholding Group Inc investors have reached $16.25 million in settlements with the executives, underwriters and an auditor of the tanker company in a lawsuit related to its 2012 bankruptcy and tax problems. Company directors and officers, including former Chief Executive Morten Arntzen and former Chief Financial Officer Myles Itkin, agreed to pay $10.5 million, papers filed in Manhattan federal court on Thursday showed. Underwriters including Citigroup Inc, Deutsche Bank AG and Goldman Sachs Group Inc will pay $4 million, while accounting firm PricewaterhouseCoopers LLP will pay $1.75 million. "We're think its an extraordinary result in an extremely complex case," David Rosenfeld, a lawyer for the plaintiffs, said on Friday.

OSG Adds New Tanker Class with Suezmax Vessels

Overseas Shipholding Group, Inc. has expanded its crude oil tanker fleet with the addition of four Suezmax vessels. The vessels complement OSG’s crude oil tanker fleet of ULCCs, VLCCs, Aframaxes and Panamaxes. Ranging in size between 120,000 and 200,000 deadweight tons (dwt), Suezmaxes offer greater port flexibility than VLCCs and better economies of scale than Aframax tankers. The addition of the vessel class to OSG’s fleet enhances its ability to offer customers a full range of vessel options when transporting crude oil throughout the world. OSG has purchased, sold and bareboat chartered-back two Suezmax tankers from Double Hull Tankers, Inc.

Berglund Joins OSG

Overseas Shipholding Group, Inc. appointed veteran shipping executive Mats Berglund as Senior Vice President to lead OSG's Crude Transportation Strategic Business Unit. In this newly created role, he will be responsible for OSG's VLCC, Aframax and Panamax tanker operations. Berglund will relocate to the United States and be based out of OSG's corporate headquarters in New York City, New York. Morten Arntzen, President and CEO of OSG said, "Mats' broad shipping experience, leadership, financial acumen, innovation and ability to develop strong customer, business and governmental relationships is exceptional." Mr. Mats Berglund commented, "I am very excited to join OSG, an industry leader with world class operations and financial strength. Since 2002, Mr.

Kvaerner, OSG In 10 Jones Act Ship Deal

Kvaerner ASA and Overseas Shipholding Group, Inc. signed an agreement in principle in which Kvaerner Philadelphia Shipyard, Inc. subsidiary which will bareboat charter them to subsidiaries of OSG for initial terms of five or seven years, with extension options for the charterer. For Kvaerner, the proposed transaction is valued at more than $500 million. The agreement in principle is subject to, among other conditions, approval by the Boards of Directors of Kvaerner and OSG, preparation and execution of final agreements and relevant government approvals. "The proposed construction of ten Jones Act Product Tankers by KPSI is one of the largest commercial ship building transactions undertaken by a U.S.

 

Maritime Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

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