Us Flag Strategic Business Unit News

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.

Overseas Shipholding Group Inc. has a definitive agreement to acquire Maritrans Inc., for $455 million. Terms call for New York-based Overseas Shipholding to acquire Maritrans in an all-cash transaction for $37.50 a share, a 47 percent premium over Maritrans' closing price of $25.50 on Sept. 22. OSG also will assume Maritrans' debt outstanding as of June 30, according to a release from the companies. OSG will finance the deal through a combination of available cash and borrowings under existing credit facilities, the release said. Maritrans ships crude oil and petroleum products, and owns and operates one of the largest fleets of double-hull vessels serving the East coast and U.S. Gulf coast. OSG is one of the largest publicly traded tanker companies in the world.