Overseas Shipholding Group has taken delivery of two Korean-built product tankers which the company anticipates will join the U.S. flag after an initial one-year charter. The two 50,000 DWT tankers, named Overseas Gulf Coast and Overseas Sun Coast, were delivered this week by Hyundai Mipo Dockyard in Ulsan, South Korea. Both were built to comply with MARPOL Annex VI … [Read more...]
OSG Orders New Jones Act Tank Barge at Gunderson Marine
U.S.-flag tanker company Overseas Shipholding Group announced Tuesday it has signed a shipbuilding contract Gunderson Marine for the construction of one 204,000 barrel capacity oil and chemical tank barge. The barge will be constructed at Gunderson’s Portland, Oregon building facilities and will be built to comply with MARPOL Annex VI Regulation 13 Tier III standards … [Read more...]
Overseas Shipholding Group Orders Two U.S.-Flag Tankers to Be Built in Korea
U.S.-flag tanker company Overseas Shipholding Group, Inc. (NYSE: OSG) has signed shipbuilding contracts with Hyundai Mipo Dockyard in South Korea for the construction of two 50,000 dwt product chemical tankers. The vessels are scheduled for delivery during the seoncd half of 2019 and will be built at HMD's yard in Ulsan, South Korea. Upon delivery the ships will operate … [Read more...]
SEC Charges OSG and Former CFO with Failure to Recognize $512 Million in Tax Liabilities
The Securities and Exchange Commission has charged U.S.-based shipping conglomerate Overseas Shipholding Group and its former chief financial officer Myles Itkin with failing to recognize approximately $512 million in tax liabilities. The charges are in connection with the SEC's on-going investigation related to the company's 2012 bankruptcy. Both OSG and Itkin have agreed … [Read more...]
OSG Names Samuel H. Norton as New President and CEO
US-flagged tanker company Overseas Shipholding Group, Inc. (NYSE:OSG) announced Tuesday that Samuel H. Norton will become president and CEO of the company effective December 29, 2016. Norton will succeed Ian T. Blackley, current president and CEO, who will retire from the role of president, CEO and director of OSG at that time. OSG says Norton is an accomplished leader … [Read more...]