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Friday, January 19, 2018

Overseas Shipholding News

FTC Clears Maritrans Deal

The Federal Trade Commission has cleared the $455 million purchase of Maritrans Inc. by Overseas Shipholding Group. New York-based Overseas Shipholding announced last month it would buy Tampa-based Maritrans paying $37.50 in cash for each share of Maritrans stock.

Overseas Shipholding Orders Four Tankers

Overseas Shipholding Group Inc. reportedly ordered four Aframax tankers from South Korean shipbuilder Hyundai Heavy Industries.

Overseas Shipholding Completes Financing

Overseas Shipholding Group, Inc. has reportedly completed a $170 million financing related to its U.S. flag Alaskan tanker fleet. The financing represents a securitization of the receivables arising from the charters of five of its U.S. flag crude vessels to Alaska Tanker Company.

Overseas Shipholding Buys Heidmar Unit

Overseas Shipholding Group Inc., which owns and operates a fleet of crude oil and petroleum products tankers, completed the purchase of Heidmar Inc.'s lightering business for $41m in cash. Heidmar is a unit of Morgan Stanley Capital Group Inc. Lightering involves the transfer of oil cargo between vessels of largely different sizes when port facilities aren't able to accept large ocean-faring oil tankers. The deal includes a fleet of four international flag Aframax tankers and two U.S. flag workboats that provide lightering services to refiners, oil companies and trading firms, mostly in the Gulf of Mexico. Overseas Shipholding also took on a staff of eight people in the transaction. The company plans to rename the business OSG Lightering. Source: AP

Overseas Shipholding To Charter Two Tankers To Petrobras America

Overseas Shipholding Group, Inc. (OSG) revealed that it has entered into a definitive agreement to charter two 46,000 dwt Jones Act tankers to Petrobras America, Inc. a unit of Petroleo Brasileiro S.A. (PBR, PBRA). The company said that it would provide shuttle tanker services from a Floating Production Storage and Offloading facility, or FPSO. Wherever pipeline infrastructure is too costly, FPSOs and shuttle tankers are a cost-effective means of transporting offshore oil. Overseas Shipholding would convert to shuttle tankers two of the 12 product tankers that it has ordered from Aker Philadelphia Shipyard. The delivery of converted shuttle tankers to Petrobras is anticipated to occur in the first quarters of 2010 and 2011. [Source: http://www.tradingmarkets.com]

Overseas Shipholding To Purchase Two VLCCs

Overseas Shipholding Group Inc. on Tuesday said it will buy two very large crude oil carriers (VLCCs) from Bergesen D.Y. ASA for a total of $156 million, through its joint venture with Frontline Ltd. and Euranov Luxumbourg SA. The purchase of the two additional vessels from Bergesen will bring the number of new vessels acquired from Bergesen by the joint venture to six. Overseas Shipholding said four of the ships will be delivered over the next two months and the remaining two will be delivered in February and July next year. The joint venture, known as Tankers International LLC, has acquired a total of seven modern vessels over the past year. Each company holds a one-third interest in the venture.

Poseidon to Go Public

Image: New York Stock Exchange

Poseidon Containers Holdings, a private equity backed containership operator with an initial fleet of 18 vessels, has filed for an initial public offering. It plans to raise $100 million, which is likely only a placeholder as Poseidon has not specified the number of shares to be offered or the price range. Greece-based Poseidon said it plans to apply to list its shares on the New York Stock Exchange under the symbol PCON. Poseidon's initial fleet of 18 container ships includes five Handymax vessels, two Panamax vessels and 11 Post-Panamax vessels.

Double Hull Tankers Gains 8 Percent

Boosted by bullish analyst comments, shares of Double Hull Tankers climbed 8 percent to regain the ground lost in the weeks following the company's spinoff from Overseas Shipholding Group Inc., according to a Forbes report. The oil tanker company owns seven vessels, including three very large crude oil carriers and four Aframaxes - all of which are chartered from five to six and a half years to former parent Overseas Shipholding. The contracts will insulate Double Hull from the increase in tanker capacity expected to hit the market prior to the mandatory phase-out of single-hull tankers in 2010, according to the report. The company, between dividends and stock value, is expected to provide a 39 percent total annual return in its first year. Source: Forbes

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.

Overseas Shipholding, Tesoro Maritime Sign Time Charter

Overseas Shipholding Group signed time charter agreements with Tesoro Maritime for two more of the 10 Jones Act commercial product tankers being built at Aker Philadelphia Shipyard. With two additional two-ship time charters announced previously with Shell Oil and BP Shipping, 60% of the 10-ship order due for completion in 2010 has signed charter agreements in place. Work on the Veteran MT-46 Class tanker vessels commenced soon after Aker and OSG announced the 10-ship, $1b order in April 2005. The company said construction on two ships in the series was well on track. The steel cutting for the third vessel is expected to begin this spring. (Source: TheStreet.com)

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.

OSG to Time Charter Product Carriers

Overseas Shipholding signed agreements with subsidiaries of Cido Tanker Holding to timecharter a pair of product/chemical carriers for 10 years. The 47,000 dwt ships will be built at Hyundai Mipo Dockyard and are scheduled for delivery in 2009. The two vessels, the Overseas Polaris and the Overseas Pisces, will have six segregations, and 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 54.

OSG Announces Dividend

The Board of Directors of Overseas Shipholding Group, Inc. declared a regular quarterly dividend of 25 cents per share on the common stock outstanding, payable on November 28, 2006 to stockholders of record on November 7, 2006.

Shipowner OSG, Former CFO, Charged over Tax Evasion

The U.S. Securities and Exchange Commission said it charged on Monday shipping conglomerate Overseas Shipholding Group (OSG) and its former chief financial officer Myles Itkin with failing to recognize some $512 million in tax liabilities.   OSG, which filed for bankruptcy protection in 2012 after the discovery of the tax liabilities, has agreed to pay a $5 million penalty subject to bankruptcy court approval, and Itkin agreed to pay a $75,000 penalty, the SEC said in a statement.     (Reporting by Eric Walsh; Editing by Eric Beech)

OSG Closes Maritrans Buy

Overseas Shipholding Group completed its purchase of Maritrans. Each outstanding share of Maritrans' common stock was converted into the right to receive $37.50 a share in cash. Based on 12.0 million shares outstanding and the assumption of net debt outstanding as of Sept. 30, the transaction is valued at $471 million, the company said. The company 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. Source: The Street

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.

Hyundai Heavy To Build Two VLCCs

South Korea's Hyundai Heavy Industries has reportedly signed a memorandum of understanding with Overseas Shipholding Group Inc. to build two 308,000-ton VLCCs. A Hyundai official said the ship prices were confidential. The ships will be 335 meters long, 31 meters deep and 58 meters wide, and will be delivered between August 2001 and January 2002, Hyundai officials said.

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.  

Analyst Cuts Oil Tankers

According to an analyst speaking with the Associated Press for a Feb. 9 report, a flood of new crude oil tankers being delivered this year will bring down vessel rates in the spot market and he has cut his ratings on two companies. Jefferies & Co. analyst Douglas Mavrinac downgraded Overseas Shipholding Group to "Underperform" from "Hold" and lowered Teekay Corp. to "Hold" from "Buy," noting both companies have a large portion of their fleet operating in the spot market, where rates are expected to slip. (Source: Associated Press)

OSG Announces 3Q Earnings Conference Call

Overseas Shipholding Group, Inc. plans to release earnings for the third quarter 2003 before trading begins on Tuesday, October 28, 2003. The Company also plans to host a conference call at 11:00 AM Daylight Savings Time the same day, to discuss results for the quarter.

Second Product Tanker Delivered by Aker Philadelphia

Aker Philadelphia Shipyard delivered the second vessel in an up to 16 ship order of product tankers as the 600-ft. long MT46 Veteran Class Overseas Long Beach was transferred to American Shipping Corporation, a subsidiary of Aker American Shipping. The vessel joins its sister vessel, the Overseas Houston, in American Shipping Corporation's fleet of modern, double hull product tankers for charter in the Jones Act market. The Overseas Long Beach is chartered to a subsidiary of Overseas Shipholding Group, Inc. (OSG) who will put the vessel into service for BP. In the coming days, the Overseas Long Beach will sail to the Gulf of Mexico leaving the three other product tankers currently under construction at the yard. The next tanker is scheduled for delivery near year's end.

Netsco Appoints Flores

Jan M. Flores

Netsco announces  Jan M. Flores, as Sr. Director of Business Development. Flores comes to Netsco from OSG (Overseas Shipholding Group) where he headed the FSO Group and was responsible for Business Development in the Offshore market. Prior to his assignment with the FSO Group, Flories  was the OSG Technical Project Manager overseeing the development of the MT Overseas Cascade and the MT Overseas Chinook. Flores has also worked for Crowley Maritime Corporation as Manager of New builds in their Technical Services Group.

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.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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