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