OSG Appoints New President and CEO

OSG independence overseas shipholding group

New York-based tanker group Overseas Shipholding Group, Inc. (NYSE MKT:OSGB) announced Thursday the appointment of Captain Ian T. Blackley as its new President and Chief Executive Officer, effective immediately, as the company tries to regain some footing after emerging from bankruptcy in August. “Captain Blackley is a veteran of the shipping industry and has been … [Read more...]

US Oil Tankers Built on Spec Face Choppy Waters as Export Ban Eases

Jones Act tanker off San Diego file photo.

By Anna Louie Sussman NEW YORK, July 1 - U.S. ship builders are making a $500 million bet on robust domestic demand for crude oil from newly-tapped shale fields by building new tankers without having lined up customers to lease them. Philly Tankers AS, majority-owned by Aker Philadelphia Shipyard is building four ships on spec, and Seabulk Tankers Inc, an indirect … [Read more...]

OSG Halts Foreign Investors While Sitting on the Edge of the Jones Act

OSG independence overseas shipholding group

Overseas Shipholding Group (OSG) announced today that the portion of it's common stock owned by U.S. citizens stands at 77 percent as of 15 April 2014. In a press release today, the company notes, "This is the minimum percentage of shares that must be owned by United States citizens in order to preserve the status of OSG as a Jones Act company, in accordance with the … [Read more...]

Overseas Shipholding Approved to Sign $300 Million Equity Deal

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By Steven Church April 7 (Bloomberg) -- Overseas Shipholding Group Inc. won court permission to sign a deal with its lenders that would raise $300 million from a share sale as part of the company’s plan to exit bankruptcy. Overseas would use the money raised by the sale to keep part of its fleet of tankers, which it uses to transport oil, refined products and natural … [Read more...]

OSG’s Tankers Are No Longer up for Auction

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Euronav's hopes of acquiring five OSG-owned VLCCs were dashed this week when OSG and their debtors came to an agreement to withdraw a previously-announced motion to auction off the ships. OSG and their debtors drew up a new term sheet whereby OSG will raise $750 million through a combination of a rights offering of stock and secured exit financing. The proceeds of the Rights … [Read more...]

Euronav Places Bid for Five OSG Tankers

euronav tanker maria

Euronav, the Belgian crude oil tanker company, has just bid for the acquisition of five tankers from Overseas Shipholding Group (OSG) as part of an asset sale auction by OSG's debtors. According to the SEC filing, the $225 million deal, includes three very large crude carriers (VLCCs), two aframax tankers and was made under the umbrella of a joint venture between GSO Capital … [Read more...]

OSG to Outsource Technical Ship Management

overseas shirley tanker osg

Overseas Shipholding Group, Inc. (OTC:OSGIQ) has announced today that V.Ships will now take on the role of technical manager for their entire fleet of internationally-flagged tankers, an agreement which is subject to approval from Bankruptcy Court in early February. OSG notes that their U.S. Flag business "will continue with its current strategy" and few, if any changes can … [Read more...]