Marine Link
Sunday, July 14, 2024

Saltchuk Completes OSG Acquisition

Maritime Activity Reports, Inc.

July 10, 2024

(File photo: OSG)

(File photo: OSG)

Seattle-headquartered Saltchuk on Wednesday announced it has completed its acquisition of Overseas Shipholding Group (OSG), a New York-listed marine transportation company based in Tampa, Fla.

Privately-held Saltchuk—previously OSG’s largest shareholder—said it completed a $950 million transaction to purchase all outstanding shares of OSG common stock at $8.50 per share in cash, making OSG a wholly owned subsidiary. OSG common stock is now delisted and deregistered from the from New York Stock Exchange.

OSG, an operator of U.S.-flag tankers and articulated tug barges (ATB), becomes Saltchuk's seventh business unit. It joins other maritime brands within the group such as TOTE, Foss, AmNav, Young Brothers, Tropical Shiping and Cook Inlet Tug & Barge, among others.

“With OSG, Saltchuk now numbers more than 8,500 people who share one thing in common: every day we strive to safely, responsibly, and reliably perform our services,” said Saltchuk chairman Mark Tabbutt. “As with our other businesses, OSG will remain standalone and independently managed. We look forward to working alongside the OSG team as we move forward together.”

Sam Norton, OSG’s president and CEO, said, “The transaction with Saltchuk marks a significant development in the long history of OSG and we are very pleased that it has been successfully completed. Leadership at both of our companies sees the value of having our business lie within the Saltchuk family of companies, an organization committed to sustaining the important role of the domestic maritime industry within the USA. The entire team at OSG looks forward to our future together.”

The proposed transaction was announced on May 20, 2024 and the expiration of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was announced on June 26.

The takeover comes on Saltchuk's second attempt after it suspended a previous bid in 2021 due to pandemic-related market uncertainties.