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Tuesday, February 19, 2019

Overseas Shipholding Group News

Image: American Shipping Company

OSG Extends Charter of AMSC's Nine Tankers

Florida-based provider of energy transportation services delivering crude oil and petroleum products Overseas Shipholding Group (OSC) and American Shipping Company (AMSC) jointly announced that OSG has exercised options to extend its charter agreements with AMSC for nine vessels currently under charter from AMSC.AMSC is a  Norwegian-American shipping and shipyard company and part of the Aker Group."A Charter agreements for five of the vessels were extended for additional three-year terms, commencing from December 2019 and ending in December 2022.

Photo: SUNY Maritime

SUNY Maritime to Honor Capt. Robert Johnston

Capt. Robert Johnston ’69 will be awarded an honorary doctoral degree from the State University of New York at SUNY Maritime College’s May commencement ceremony. Johnston will receive the degree and give the commencement speech, addressing the class of 2018 and offering them advice and wisdom as they begin their careers and the next chapter of their lives. “Capt. Johnston is widely respected for his business acumen and comprehensive understanding of the maritime industry,” said Rear Adm. Michael Alfultis, president of SUNY Maritime. “In addition to his contribution to our industry, Capt.

Christopher Deschenes has joined Bouchard Transportation Co., Inc. as Vice President of Maintenance and Repairs. (Photo: Bouchard Transportation Co., Inc.)

Deschenes Joins Bouchard as VP

Bouchard Transportation Co., Inc. said that Christopher Deschenes has joined the company as Vice President of Maintenance and Repairs. Prior to joining Bouchard, Mr. Deschenes served as a Project Engineer with Overseas Shipholding Group, Inc. as a member of the Worldwide Technical Service Group, supporting all new construction and capital projects for the foreign and domestic OSG tanker/ATB fleet. He then moved on to Ocean Tug & Barge Engineering, Inc. as Director of Engineering and Projects…

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)

Overseas Shipholding Group leading provider of global energy transportation services, delivering crude oil, petroleum products and liquefied natural gas throughout the world.Courtesy OSG

OSG Joins NYSE "Big Board"

Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”) announced today that it has been approved by the New York Stock Exchange (“NYSE”) to transfer its stock listing to the NYSE from the NYSE MKT. The Company’s common stock, which will continue to trade under the ticker symbol OSG, is expected to commence trading on the NYSE effective Tuesday, June 28, 2016. Prior to that date, the Company’s common stock will remain on the NYSE MKT, but trading on the NYSE MKT will cease concurrent with the listing of its common stock on the NYSE.

Charity Banquet to Honor ‘Outstanding Friends of Seafarers’

Seafarers International House will hold its 16th annual awards banquet from 6-10 p.m. on April 21 at the New York Athletic Club.   The banquet will honor Marshall Ainley, president of Marine Engineers’ Beneficial Association (MEBA); Ian Blackley, president and CEO of Overseas Shipholding Group, Inc. (OSG); and Ray Burke, partner at Burke & Parsons.   The Setting the Course annual award banquet supports Seafarers International House’s port mission and honors those in the maritime industry who’s achievements have earned them the Outstanding Friend of Seafarers Award. Register here.

Photo: Overseas Shipholding Group, Inc.

OSG Reports $284m Profit In 2015

Overseas Shipholding Group, a provider of oceangoing energy transportation services, reported results for the fourth quarter and full year 2015. The company reported net income of $9.3 million in its fourth quarter. The crude oil and petroleum transportation company posted revenue of $243.7 million in the period. For the year, the company reported profit of $284 million, or 49 cents per share. Revenue was reported as $964.5 million. The Board has declared a dividend of $0.08 per share. “We are pleased to report strong results for the 4th quarter and full year 2015,” said Captain Ian T.

Photo Capital Product Partners

Capital Product Partners Declare Cash Distribution

Capital Product Partners L.P. a Marshall Islands master limited partnership and an international owner of modern tanker, container and drybulk vessels today announced that its board of directors has declared a cash distribution of $0.2385 per common unit for the fourth quarter of 2015 ended December 31, 2015. The fourth quarter common unit cash distribution will be paid on February 12, 2016, to unit holders of record on February 5, 2016. All vessels of Capital Product Partners are under period charters to BP Shipping Limited, Cargill International S.A., CMA-CGM S.A., Cosco Bulk Carrier Co.

Image: Overseas Shipholding Group

Overseas Shipholding Profits Up by 31%

Overseas Shipholding Group, Inc. (OSG, a provider of oceangoing energy transportation services, reported results for the quarter ended March 31, 2015. Adjusted EBITDA was $113.7 million, up 31% from $86.6 million in the same period in 2014. Net income for the first quarter was $42.9 million, compared to $12.6 million in the same period in 2014. Time charter equivalent (TCE) revenues for the first quarter of 2015 totaled $221.6 million, up 3% compared with the same period in 2014 even as revenue days decreased by 18%.

Image: New York Stock Exchange

Poseidon to Go Public

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.

Photo: SCI

SCI Presents Silver Bell Awards 2015

A shared passion and concern brought together a diverse group of people from several segments of the maritime industry to celebrate the milestone achievements of three careers and to raise funds to support mariners served by SCI. More than 770 individuals assembled on Thursday, June 4, 2015, at the Seamen’s Church Institute’s (SCI) 38th Annual Silver Bell Awards Dinner in New York City to honor the maritime industry contributions of three individuals. SCI presented Angeliki Frangou…

Sixteen NROTC Cadets Commissioned as Naval Officers

The State University of New York (SUNY) Maritime College Naval Reserve Officer Training Corp (NROTC) unit recently celebrated the commissioning of 16 new naval officers, during a ceremony held in the St. Mary’s Pentagon, Fort Schuyler, on the SUNY Maritime campus. Lieutenant Colonel Mike Songster, USMC, Executive Officer of the NROTC unit, served as master of ceremonies. Rear Admiral Michael A. Alfultis, Ph.D., president of SUNY Maritime College, was Guest of Honor at the ceremony, and delivered remarks.

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.

Container Shipper Nautilus Files for Bankruptcy

Nautilus Holdings Ltd, a Bermuda-chartered company that leases containerships, has filed for Chapter 11 bankruptcy protection in New York, becoming the latest victim of a depressed shipping industry. The company has about $770 million in debt, according to papers filed late Monday with the U.S. Bankruptcy Court in Manhattan. International shipping rates have fallen in recent years as large new vessels entered service at the same time that a sluggish global economy was curbing trade.

Photo courtesy of Eagle Bulk Shipping

Eagle Bulk Shipping Files for Bankruptcy

Eagle Bulk Shipping filed for bankruptcy on Wednesday, the latest in a string of shipping companies to make a Chapter 11 filing, and said it reached agreement with its lenders to cut its debt by $975 million. The U.S. company said in a statement that creditors who hold more than 85 percent of its loans have voted in favor of a proposed reorganization plan. Getting creditor support for a "prepackaged" plan before filing for Chapter 11 can dramatically cut the time a company spends in bankruptcy. Eagle Bulk filed in Manhattan's U.S. Bankruptcy Court.

World Maritime Day Observance in Tampa on 27 October

North American World Maritime Day Observance and US Coast Guard Missions Conference to feature Piracy, Stewardship, Safety and Security. Two day event draws maritime industry, regulators and regional representatives. Piracy will be the focus of this year’s North American World Maritime Day Observance being held in Tampa, FL on October 27th followed by a US Coast Guard Missions conference on October 28th which will feature panel discussions on the stewardship, safety and security missions of the Coast Guard.

OSG Suspends Quarterly Dividend

Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader in providing energy transportation services, announced that its Board of Directors has suspended the payment of regular quarterly dividends. No dividend will be paid in the first quarter of 2012. Commenting on the dividend suspension, Morten Arntzen, President and Chief Executive Officer, stated:  "The downturn in our international flag markets has been deeper and has lasted longer than we anticipated, as evidenced by a fairly tepid winter market.

USCG photo

Maritime Academy Awarded DHS Grant for Arctic Training

Maine Maritime Academy receives $450,000 grant From U.S. Maine Maritime Academy has been awarded $450,000 by the U. S. Department of Homeland Security (DHS) Science & Technology Directorate for the development and delivery of maritime ice navigation and first responder courses to complement the U.S. Coast Guard’s Arctic Strategy. Maine Maritime will be a partner institution to a new Center of Excellence (COE) in Maritime Research at the University of Alaska at Anchorage (UAA).Selected UAA research involving disaster response modeling…

Figure 1

The Importance and Value of Marine Industry Training

The Coast Guard Marine Industry Training Program offers incredible opportunities for Coast Guard employees to intimately learn specific facets of the marine industry. Participants of the program work directly for industry partners for up to 1 year. In addition to building superior government/industry working relationships, the program affords industry sponsors an opportunity to share detailed business considerations and limitations, so that Coast Guard regulatory activities most effectively promote safety, while limiting undue burden on the maritime industry.

Jan M. Flores

Netsco Appoints 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.

Eagle Bulk Cuts Debt by 80%, Shares Skyrocket

Eagle Bulk Shipping Inc's shares shot up to as much as $15.46 from 68 cents as the company cut its borrowings by about 80 percent after converting debt into equity under a financial restructuring program. The stock was the top percentage gainer on the Nasdaq, with more than 14.4 million shares being traded by 11.46 a.m. ET, over 10 times their 10-day daily average volume. Excess capacity in the past couple of years has forced several shipping companies to file for bankruptcy, including Genco Shipping & Trading Ltd, Overseas Shipholding Group Inc and Nautilus Holdings Ltd.

Maersk Oil Qatar Charter 'FSO Africa'

'FSO Africa', owned by TI Africa, on long-term contract to Maersk Oil Qatar (MOQ) for services on the Al Shaheen Field. The contract has a fixed duration of five years from 1 October 2012 with an option granted to MOQ to extend the contract period for either one or two years. FSO Asia has been operating on the Al Shaheen field for two and a half years and FSO Africa for over two years. The vessels continue to operate at a high level of performance in terms of quality of oil produced and without incurrence of off-hire since their respective in- service dates.

Clay Maitland: Photo credit NAMEPA

NAMEPA Announce Upcoming Conference, Awards

Clay Maitland, Chairman of the North American Marine Environment Protection Association (NAMEPA), announces two major events. NAMEPA’s Environmental Intelligence in Maritime Conference, will feature “Greening the Marine Transportation System”, “The Arctic”, “Safety at Sea” and “Corporate Risk Management”. This conference, with NAMEPA's fifth anniversary in mind, will be held on 14, November 2012, and is to be followed by NAMEPA’s 2012 Marine Environment Protection Awards honoring Maersk, NOAA, SUNY Maritime College, and the American Salvage Association (ASA).

Tankship Owners OSG File Chapter 11 Process

Overseas Shipholding Group, Inc. starts Chapter 11 process to reduce debt & other financial obligations to create more solid financial foundation. The Chapter 11 petition for itself and certain operating subsidiaries was filed in the U.S. Bankruptcy Court for the District of Delaware. Certain subsidiaries, including those that manage the Company’s facilities in Manila, Singapore, Greece, London and Newcastle, have not filed for Chapter 11 reorganization. A complete list of the OSG entities which filed, and those which did not file, Chapter 11 petitions, is available at www.kccllc.net/osg.

OSG Tankship photo courtesy of the owners

OSG Confirms Jones Act Status

Overseas Shipholding Group, Inc. (OSG) lets it be known that U.S. ownership of its common stock at the close of business on April 15, 2014 was 77 percent: 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. OSG explain that pursuant to its organizational documents, any share transfer that results in U.S. ownership falling below 77 percent is ineffective and cannot be consummated. Shareholders are required to certify as to their respective citizenship at the time of purchase.

Matt Yacavone: Photo credit Crowley

Matt Yacavone Joins Crowley

Matt Yacavone joins Crowley as Vice President of Sales and Chartering, Petroleum Services. He will be domiciled in the company's Jacksonville headquarters and report to Rob Grune, senior vice president and general manager, petroleum services. Yacavone, who assumes his new position Jan. 7, will be responsible for the planning and direction of sales and chartering initiatives, overseeing development of policies and procedures, coordinating and negotiating customer contracts and developing business relations, particularly in the company's articulated-tug barge (ATB) and tanker programs.