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.
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.
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.
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.
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%.
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.
Tanker Shares Sink Lower
At MarineMoney's New York City event earlier this summer, tanker operators were in a somber mood, and Michael Reardon, Manager Global Strategy and Freight Traiding, ConocoPhillips, was quoted as saying: “Floating storage took VLCCs out of the market and sent false signals to the market ... Don't look now, but things have gotten worse. Yesterday, in an Associated Press report, a Jefferies analyst downgraded shares of Overseas Shipholding Group Inc. and Frontline Ltd., saying the…
VT Halter Marine Delivers Second Tug for OSG
VT Halter Marine, Inc. (VT Halter Marine), a subsidiary of VT Systems, Inc. (VT Systems), today announced the delivery of Endurance, the second 8,000 hp Articulated Tug Barge (ATB) tug to Overseas Shipholding Group, Inc. This is part of a contract that VT Halter Marine signed with OSG in April 2010 to complete two tugs over 16 months at the former’s Moss Point Marine shipyard. The first tug, Courageous, was delivered in June 23, 2011. Both Courageous and Endurance are capable…
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.
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.
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 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.
FILM EVENT: America’s Women Seafarers Tell Their Stories
Tickets are $20 and can be purchased at www. workingharbor.org. This special Women at Sea program features a screening of the documentary “Shipping Out – The Story of America’s Seafaring Women” followed by a conversation with seven women mariners who work as mates aboard cargo ships, tug captains, marine engineers, pilots, port officials and more. New York, NY, March 13: Women have been going to sea since the early days of our nation. Some got jobs by pretending they were men; others sailed as captains’ wives and took command of ships when their husbands were unable.
MarAd Approves $210.9M in Title XI Loan Guarantees
The Maritime Administration today announced the approval of a $210.9 million Title XI loan guarantee supporting the recent construction of two articulated tug-barge units that are currently in service on Delaware Bay. Construction of the barge units involved five American shipyards, including Bender Shipbuilding & Repair, Inc., in Mobile, Alabama, and Tampa, Florida; VT Halter Marine; Atlantic Marine; Tampa Ship; and International Ship Repair. The federal loan guarantee is for OSG Delaware Lightering, LLC, a subsidiary of Overseas Shipholding Group, Inc.
OSG Increase in Proposed Tender Offer Price
OSG America, L.P. (OSG America, NYSE: OSP) reported that Overseas Shipholding Group, Inc. (OSG; NYSE: OSG), which owns a 77.1% interest in OSG America, announced that it has increased the price per unit that it will offer to pay for all of the outstanding publicly held common units of OSG America from $8.00 to $10.25 per unit in cash. The increased offer price represents a 28% increase over the original proposed offer price of $8.00 per unit, a premium of approximately 44% over the closing price of the units on July 29…
ST Engineering to Build Two Tugs for OSG
ST Engineering announced that its US shipyard VT Halter Marine Inc (VT Halter Marine), has signed a contract with subsidiaries of Overseas Shipholding Group, Inc. (OSG) to build two 8,000 ATB tugs worth over $21m. VT Halter Marine is the U.S. operation of ST Engineering's marine arm, ST Marine. The tugs will be built over 16 months at VT Halter Marine’s Moss Point Marine shipyard with deliveries expected in the second and third quarters of 2011. Measuring 140.4 ft by 38 ft each…