Marine Link
Friday, March 29, 2024
SUBSCRIBE

Energy Transportation Services News

27 Sep 2022

Op-ed: Jones Act Waivers Do Little as Disaster Relief

© TawanSaklay / Adobe Stock

Like swallows arriving in the spring, a chorus for Jones Act waivers can reliably be anticipated to accompany the annual parade of hurricanes across the geographical region covered by the Act. The logic: emergency situations dictate maximum emergency relief, and the Jones Act is perceived to be an obstacle to providing that relief. That perception is wrong.A review of hurricane induced disaster situations over recent years reveals that maritime supply chains into affected ports are rarely a problem.

04 Dec 2020

New Tank Barge Delivered to OSG

(Photo: Greenbrier Marine)

Greenbrier Marine, a division of The Greenbrier Companies, Inc. announced the delivery of OSG 205, a 204,000-barrel capacity oil and chemical tank barge for dual-mode ITB service pursuant to U.S. Coast Guard NVIC 2-81, Change 1. The barge was delivered to Overseas Shipholding Group, Inc. (OSG), a  provider of energy transportation services delivering crude oil and petroleum products throughout the U.S. and internationally. OSG 205 was paired with existing tug OSG Courageous.The new tank barge is the second that Greenbrier Marine has delivered to OSG this year…

30 Dec 2019

OSG Acquires Alaska Tanker

Overseas Shipholding Group, the tanker company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets, has entered into agreements with BP Oil Shipping Company USA and BP AMI Leasing to purchase the crude oil carrier vessels operated by Alaska Tanker Company (ATC).OSG currently owns a 37.5% interest in ATC. As part of the above transaction, OSG will acquire the remaining 62.5% interest of ATC that it does not own.According to the publicly traded tanker company, the agreements provide for deposits equal to 20% of the purchase price to be paid upon their execution, with the balance of the consideration to be paid at closing.Closing of the purchases is subject to various conditions…

03 Jan 2019

Overseas Shipholding Group Enters New Bareboat Charter

Florida-based oil tanker operator  Overseas Shipholding Group (OSG) has entered into a Bareboat Charter Party Agreement with the owner of the vessel known as the Oregon Voyager.The provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets said in a press release that it will rename the 1999-built U.S. flagged product tanker the Overseas Key West and intends to use this vessel in the U.S. coastwise trade under the Jones Act.The Bareboat Charter extends for 10 years, into 2029. OSG will undertake the vessel’s fourth special survey following the vessel’s expected delivery and expects the vessel to commence commercial operations during the second quarter of 2019.Sam Norton…

11 Dec 2018

OSG Extends Charter of AMSC's Nine Tankers

Florida-based provider of energy transportation services delivering crude oil and petroleum products Overseas Shipholding Group (OSC) and American Shipping Company (AMSC) jointly announced that OSG has exercised options to extend its charter agreements with AMSC for nine vessels currently under charter from AMSC.AMSC is a  Norwegian-American shipping and shipyard company and part of the Aker Group."A Charter agreements for five of the vessels were extended for additional three-year terms, commencing from December 2019 and ending in December 2022. The charter agreements for four vessels were extended for one-year terms commencing from December 2019 and ending in December 2020…

25 Sep 2018

International Seaways to Install Scrubbers in VLCC Fleet

International Seaways announced that it has signed contracts with Clean Marine AS of Norway and a qualified system installer for the purchase and installation of exhaust gas cleaning systems (scrubbers) on seven of its modern VLCCs, with an option for a further three systems covering the remaining three modern VLCCs in its fleet.The tanker company providing energy transportation services for crude oil, petroleum products and liquefied natural gas (LNG) said in a press release that the seven scrubbers are all to be installed prior to January 1, 2020, when the new 0.5% IMO sulfur emission cap goes into effect.Clean Marine AS is a leading…

14 Jun 2018

International Seaways Completes Acquisition of Six Euronav VLCCs

US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV. The tanker company providing energy transportation services for crude oil, petroleum products and liquefied natural gas announced in a press release that it has completed its previously announced acquisition of six 300,000 DWT VLCCs for a purchase price of $434 million, inclusive of assumed debt, from Euronav. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding Co. International…

27 Apr 2018

International Seaways Funds FSO Joint Ventures

International Seaways announced that its joint ventures with Euronav NV, which own the FSO Africa and FSO Asia floating storage and offloading service vessels, have closed on a $220 million credit facility. Based on INSW’s 50% ownership in the joint ventures, the Company has received $110 million in proceeds from the drawdown of the facility, which it expects to use for general corporate purposes, including to partially fund the previously announced VLCC acquisition. “With the $110 million term loan, International Seaways has further enhanced our financial flexibility while maintaining overall balance sheet strength,” said Lois K. Zabrocky, INSW’s President and CEO. Ms.

08 Mar 2018

International Seaways Updates on VLCC Acquisition and MR Vessel Sales

International Seaways, one of the largest tanker companies worldwide, said it acquired a 2010-built VLCC for $53 million, the Seaways Raffles, which commenced trading in the Tankers International pool, during the fourth quarter of 2017. During the fourth quarter, the company, which provides energy transportation services for crude oil and petroleum products in International Flag markets,  sold a 2004-built MR, which was delivered to buyers in November 2017. The Company also sold a 2002-built MR, which delivered to buyers in January 2018, and a 2004-built MR, which delivered to buyers in February 2018. Net proceeds received from the two ships delivered to buyers in 2018 totaled $17.9 million.

29 Jun 2017

International Seaways Acquires Two Suezmax Tankers

International Seaways announced it has entered into an agreement to acquire two Suezmax tanker newbuildings constructed at Hyundai Samho Heavy Industries shipyard. The vessels are expected to deliver to the Company by the end of July 2017. The transaction remains subject to customary closing conditions. International Seaways intends to fund the vessel acquisitions from available liquidity. Following the delivery of these two vessels, International Seaways will have a total fleet of 57 vessels, including 51 conventional crude and product tankers in addition to its joint venture participation in four liquefied natural gas carriers and two floating storage and offloading service vessels. “We are pleased to add these two new Suezmax tankers to our sizeable and diverse fleet,” said Lois K.

08 Jul 2016

De Nora Retrofits Two BWS for OSG

De Nora announced a contract with Overseas Shipholding Group (OSG) (NYSE MKT:OSG), one of the largest tanker companies in the world, to supply two ballast water management systems (BWMS). De Nora BALPURE systems will ensure that the Overseas Milos and Overseas Athens, both 50,000 DWT product/chemical tankers, will discharge ballast water that meets or surpasses the environmental discharge limits set by the International Maritime Organization (IMO), Environmental Protection Agency (EPA) and United States Coast Guard (USCG). As a leading provider of global energy transportation services, OSG owns and operates a combined fleet of 78 vessels internationally and in the United States.

02 Mar 2016

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…

10 Nov 2015

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.

12 Feb 2013

Overseas Shipholding's Leadership Change

Overseas Shipholding Group announce the appointment of Captain Robert Johnston as President & CEO. Morten Arntzen has resigned as President and Chief Executive Officer and as a director of the Company to be succeeded by Johnston. Captain Robert Johnston will serve as the President and Chief Executive Officer of the Company effective immediately. He was previously the Senior Vice President and Head of U.S. Flag Strategic Business Unit. “The Board thanks Morten Arntzen for his service, including during recent challenging times,” said Michael J.

28 Mar 2012

General Maritime Announces Agreement With Creditors

New York - General Maritime Corporation announced that it had reached an agreement on a modified plan of reorganization with the Official Committee of Unsecured Creditors, funds managed by Oaktree Capital Management, L.P. and their investment entities and holders of more than 40 percent of the Company's Senior Notes. The Modified Plan is also supported by 66-2/3 percent of the Company's key senior lenders, including its bank group, led by Nordea Bank Finland plc., New York Branch as administrative agent. The Modified Plan will allow for a consensual reorganization of the Company, substantially deleverage the Company's balance sheet, provide a greater recovery to unsecured creditors, and position the Company to be a financially stronger, competitive global enterprise.

11 Feb 2012

OSG Suspends Quarterly Dividend

Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader in providing energy transportation services, announced that its Board of Directors has suspended the payment of regular quarterly dividends. No dividend will be paid in the first quarter of 2012. Commenting on the dividend suspension, Morten Arntzen, President and Chief Executive Officer, stated:  "The downturn in our international flag markets has been deeper and has lasted longer than we anticipated, as evidenced by a fairly tepid winter market. At the same time, economic uncertainty in the world persists and the banking markets have become more challenging. Therefore, to preserve liquidity and maintain financial flexibility, the Board suspended the quarterly dividend until further notice.

15 Oct 2007

Two Jones Act Tankers Chartered to Petrobras

Overseas Shipholding Group Inc., a global energy transportation services company, has signed a definitive agreement to charter two 46,000 dwt Jones Act tankers to Petrobras America Inc., marking the first U.S. Petrobras America is a unit of Petroleo Brasileiro S.A., the 12th largest oil company in the world. OSG will provide shuttle tanker services from a floating production storage and offloading facility in the Walker Ridge area of the Gulf of Mexico. OSG reported it will convert to shuttle tankers two of the 12 product tankers it has ordered from Aker Philadelphia Shipyard. The company expects to deliver the converted shuttle tankers to Petrobras in the first quarters of 2010 and 2011.

08 Mar 2007

Tampa Bay Shipbuilding Gets Orders for Barges

Overseas Shipholding Group Inc., the company that bought Maritrans Inc., said it will build three articulated tug barges, each with a construction value of about $90m. The barges will be constructed at Tampa Bay Shipbuilding & Repair Co., while the tug boats will be constructed at Bender Shipbuilding & Repair Co. in Mobile, Ala., according to a release from Overseas Shipholding. Tampa Bay Shipbuilding, which is an affiliate of Bender and located at the Port of Tampa, previously handled projects for Tampa-based Maritrans, which was sold in November for $455 million. A call to Tampa Bay Shipbuilding for additional details was pending. The barges will have a carrying capacity of about 290,000 barrels.

08 Sep 2006

The FPC Announces Investment by Overseas

The Floating Pipeline Company Incorporated (FPC Inc.) of Halifax, Nova Scotia, Canada announced an investment by Overseas Shipholding Group, a leader in providing marine energy transportation services. The investment will allow FPC Inc. to complete the development of its Saint John, New Brunswick manufacturing plant, which will manufacture Gas Transport Modules (GTMs) using a patented technology for the transportation of compressed natural gas (CNG) by rail, truck and ship. The plant is expected to be in full production within twelve months. CNG can be used in the niche market for stranded gas. (LNG) technology. partnership with TransCanada CNG Technologies Ltd. recovery of natural gas from stranded fields for specific projects.