Overseas Shipholding Group

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Overseas Shipholding Group
Traded as	NYSE: OSG
Industry	Maritime transport (shipping)
Founded	1948; 76 years ago (1948)
Headquarters	Tampa, Florida
Owner	Saltchuk (2024–present)
Website	www.osg.com

Overseas Shipholding Group (OSG) is the operator of a fleet of twenty-four oil tankers and oil tug-barges. In 2024, the company was acquired by Saltchuk.^[1]

History

Founded in 1948, Overseas Shipholding Group (OSG) is based in Tampa, Florida, United States.^[2]^[3] It has offices in Tampa, Florida and Newark, Delaware,^[4] with nearly 900 sea and shore-based employees.^[5]

In 1969, under the leadership of Raphael Recanati, OSG began acquiring tanker ships to transport oil from Alaska to the lower 48 U.S. states.^[6] In the 1990s, OSG began to acquire luxury cruise liners.

In 1995, the cruise ships resulted in losses of over $12 million to OSG. As a result of the losses, Michael Recanati, the son of Raphael Recanati, was reported to have been forced to leave OSG.^[7]

The company filed for Chapter 11 bankruptcy in 2012 after the SEC accused CEO Morten Arntzen and CFO Miles Itkin of falsifying financial statements.^[8] In 2017, the company paid a $75,000 fine to the SEC to settle the securities fraud allegations. Former CFO Miles Itkin also paid a separate $75,000 fine.^[9] The executives were sued by OSG and agreed to pay a $16.25 million settlement in 2015.^[10]

In July 2024 its stock was delisted from the NYSE as the company was acquired by the private company Saltchuk.^[11]

Spin-off of international business and fleet

In 2016, as part of its restructuring, OSG spun-off its large international fleet and business, concentrating solely on its U.S. flag business.

The international activities and fleet were re-incorporated into a new company, International Seaways, Inc., based in New York City, and listed on the New York Stock Exchange (NYSE) under ticker NYSE: INSW.

References

^ "Saltchuk Completes Acquisition of OSG After Several Previous Offers". The Maritime Executive. Retrieved 2024-10-25.
^ "Company Overview of Overseas Shipholding Group, Inc". Bloomberg. Retrieved 3 January 2018.
^ "Corporate Profile: Fast Facts". OSG. Archived from the original on 9 April 2013. Retrieved 29 May 2013.
^ "Contact".
^ "Stocks". Bloomberg News. August 2023.
^ Roland, Alex; Bolster, W. Jeffrey; Keyssar, Alexander (2008). The Way of the Ship: America's Maritime History Reenvisoned, 1600-2000. John Wiley & Sons. p. 401. ISBN 9780470136003.
^ ""Bloomberg": Rafael Recanati Dismissed Son from Family Shipping Co Management - Globes English". Globes (in Hebrew). 7 November 1996. Retrieved 2018-01-06.
^ "OSG Sails out of bankruptcy". Bloomberg News. 7 August 2014.
^ "OSG to pay small fine after SEC finds it guilty of fraud". fairplay.ihs.com. Retrieved 2018-01-03.
^ "Overseas Shipholding investors settle lawsuit with execs, others". Reuters. August 7, 2015. Retrieved 2018-01-03.
^ "Saltchuk Welcomes Overseas Shipholding Group to Its Family of Companies" (Press release). Business Wire. July 10, 2024.

External links

Official website

v t e United States-flag shipping companies
Ship operators	Alaska Tanker Company American Roll-on Roll-off Carrier APL Crowley Maritime Farrell Lines Gensteam Keystone Shipping Hapag-Lloyd USA Maersk Line, Limited Matson Overseas Shipholding Group Pasha Hawaii Sealift TOTE Maritime Waterman Steamship Corporation
Tug and barge operators	Crowley Maritime Foss Maritime Kirby Trailer Bridge

Categories:

Hidden categories:

History

Spin-off of international business and fleet

See also

References

External links