Articles from Overseas Shipholding Group, Inc.

Saltchuk Resources, Inc. (“Saltchuk”) today announced that it has successfully completed its previously announced tender offer to acquire all of the outstanding shares of common stock of Overseas Shipholding Group, Inc. (NYSEOSG) not already owned by Saltchuk for a purchase price of $8.50 per share in cash, an enterprise value of approximately $950 million. The transaction closed this morning, and OSG is now a wholly owned subsidiary of Saltchuk.

Saltchuk Resources, Inc. (“Saltchuk”) and Overseas Shipholding Group, Inc. (NYSEOSG) (“OSG”) today announced the expiration of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) with respect to the previously announced cash tender offer by a wholly-owned subsidiary of Saltchuk for all issued and outstanding shares of Class A common stock of OSG at a price of $8.50 per share (the “Offer”). The expiration of the waiting period occurred at 11:59 p.m. on June 25, 2024.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) today announced that it has published its annual Sustainability Report. The report includes information relating to the Company’s efforts on environmental, social, and corporate governance practices during 2023, as well as its long-term plans to evolve in these areas. The Sustainability Report can be found on the Company’s website at www.osg.com/safety-environment.

Overseas Shipholding Group, Inc. (NYSEOSG) (“OSG”) announced today that it has determined to cancel its 2024 Annual Meeting of Stockholders scheduled for June 6, 2024 in consideration of its contemplated merger transaction with Saltchuk Resources, Inc. For more information regarding such transaction, please see OSG’s press release issued on May 20, 2024 entitled “Overseas Shipholding Group Enters Into a Definitive Agreement to Be Acquired by Saltchuk Resources, Inc. - Purchase Price of $8.50 per Share in Cash - Transaction Valued at $950 Million.”

Overseas Shipholding Group, Inc. (“OSG” or the “Company”) (NYSEOSG), a leading provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products primarily in the U.S. Flag markets, and Saltchuk Resources, Inc. (“Saltchuk”), a privately owned family of diversified freight transportation, marine service, and energy distribution companies, today announced that they have entered into a definitive merger agreement pursuant to which Saltchuk has agreed to acquire OSG in a transaction that values the Company at an aggregate equity value of approximately $653 million and a total transaction value of $950 million.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products in the U.S. Flag markets, today reported results for the first quarter of 2024.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release its first quarter results of fiscal year 2024 before the market opens on Friday, May 10, 2024.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of energy transportation services, announced today that the Company has been awarded a $3,000,000 grant from the United States Department of Energy for the engineering and design of a new vessel that will transport liquified carbon dioxide (LCO2). The award will be used to develop the design of an articulated tug and barge unit (ATB) to be used to transport CO2 captured by emitters in the Greater Tampa Bay region and across the State of Florida to sequestration sites in the Gulf of Mexico.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) is proud to continue its efforts to remove barriers for women entering the maritime industry. Through the Women Offshore Foundation, OSG gave $30,500 in scholarships to four women - two attending SUNY Maritime Academy, one at Great Lakes Maritime Academy and one at Maine Maritime Academy. The scholarships will empower these women cadets to achieve their deck and engine credentials during their 2024 summer sea term as they pursue careers within the maritime industry.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that its Board of Directors has declared a cash dividend of $0.06 per share on its Class A Common Stock. The dividend will be paid on April 11, 2024 to stockholders of record at the close of business on March 28, 2024.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products in the U.S. Flag markets, today reported results for the fourth quarter and full year 2023.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release its fourth quarter results of fiscal year 2023 before the market opens on Monday, March 11, 2024.

Overseas Shipholding Group, Inc. (the “Company” or “OSG”) (NYSEOSG), a leading provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products primarily in the U.S. Flag markets, today confirmed that OSG’s Board of Directors received an unsolicited non-binding indication of interest from Saltchuk Resources, Inc. (“Saltchuk”) for the acquisition of all of the outstanding shares of the Company that Saltchuk does not already own for $6.25 per share in cash.

Overseas Shipholding Group, Inc. (the “Company” or “OSG”) continues to promote women to receive training to enter the maritime industry with a three-year pledge in the amount of $90,000 to the Massachusetts Maritime Academy. OSG’s pledge will go to undergraduate and sea term scholarships and sponsorship of the Academy’s Women’s Network and Sea, Science and Leadership Career Exploration Program. Scholarship recipients will have ongoing interaction with OSG and the opportunity to become familiar with OSG’s business and fleet of vessels. The OSG Scholarship Program is intended to ease the financial burdens as well as encourage young women seeking opportunities to enter an industry that offers a non-traditional workplace and opportunity for growth.

Overseas Shipholding Group, Inc. (the “Company” or “OSG”), a leading provider of energy transportation services, announced today that the Company has been awarded a $400,000 grant from the United States Department of Energy (“DOE”) to study the development of its proposed Tampa Regional Intermodal Carbon Hub (“T-RICH”). The study is intended to evaluate the commercial feasibility of developing an intermediate storage hub at Port Tampa Bay for CO2 captured from industrial emitters across the State of Florida. T-RICH would receive, store, and process two million metric tons of CO2 per year, which would be transported by OSG vessels across the Gulf of Mexico for permanent underground storage. This storage and transport hub will be the first of its kind in the nation and could be scaled to meet expanded volumes of captured CO2.

Overseas Shipholding Group, Inc. (the “Company” or “OSG”), a leading provider of energy transportation services, is set to mark a pioneering moment in the Jones Act and US Flag industries by equipping all vessels in its fleet with Space X’s Starlink satellite internet service. Since the introduction to the market of Starlink’s Global Maritime service earlier this year, OSG’s IT department has worked to substantially complete installation of Starlink equipment on every vessel in the fleet of OSG and ATC, with full installation expected by year end. OSG marks this advancement as part of the Company’s commitment to a new era of seamless connectivity for seafarers on board all OSG vessels.

Overseas Shipholding Group, Inc. (the “Company” or “OSG”), a leading provider of energy transportation, announced a comprehensive lifecycle engine upgrade (LCU) program for all four vessels in its Alaskan Class fleet to be achieved through a contract with MAN Energy Solutions SE. The vessels Alaskan Explorer, Alaskan Frontier, Alaskan Legend, and Alaskan Navigator, all approaching 20 years in age, will receive significant engine and operational improvements, resulting in environmental benefits as well as extending their commercially useful life.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that its Board of Directors has declared a cash dividend of $0.06 per share on its Class A Common Stock. The dividend – the first dividend declared by OSG since the spinoff of its international division in 2016 – will be paid on January 4, 2024 to stockholders of record at the close of business on December 21, 2023.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products in the U.S. Flag markets, today reported results for the third quarter of 2023.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release its third quarter results of fiscal year 2023 before the market opens on Monday, November 6, 2023.

Overseas Shipholding Group, Inc. (“OSG”) announced today that it has prepaid deferred payment obligations (“DPO”) and entered into new bareboat charter agreements in respect of the seven vessels comprising OSG’s Veteran Class products tanker fleet, all of which are now indirectly owned by a private fund (the “MP Fund”) managed by Maritime Partners, LLC. Prior to their recent acquisition by a Jones Act qualified subsidiary of the MP Fund, these seven vessels were previously owned indirectly by AMSC ASA (“AMSC”). The transaction presented OSG with an opportunity to reduce its overall outstanding debt while also simplifying the underlying arrangements that govern the relationship between OSG and the new vessel owners.

Overseas Shipholding Group, Inc. (“OSG”) announced today an agreement with BP Oil Shipping Company, USA, to purchase the tank vessel Alaskan Frontier, a sister vessel to three other Alaskan Class tankers operated by OSG’s wholly owned subsidiary, Alaskan Tanker Company. Following the expected early November completion of the transaction, OSG intends to reactivate the 1.3-million-barrel capacity tanker which has been in cold layup in Malaysia since 2019. OSG plans to make significant investments in the vessel for it to begin commercial trade by the fourth quarter of 2024.

Overseas Shipholding Group, Inc. (“OSG”) continues their efforts to remove financial barriers for women entering the maritime industry with a scholarship pledge in the amount of $30,000. The scholarship funds will be used to support the Women Offshore Foundation’s 2024 Summer Sea Term Scholarship Program that is designed to help women+ enrolled at a U.S. maritime academy with financial support while they pursue a career on the water. This scholarship pledge is in addition to the $30,000 OSG provided to the Women Offshore Foundation used for four scholarships for the 2023 summer sea term, and the $90,000 that OSG pledged to SUNY Maritime College over the next three years to support women pursuing a maritime career.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) today announced that it has agreed to purchase 13,851,382 warrants for the Company’s common stock from entities managed by Cyrus Capital Partners, L.P. (“Cyrus”) for a total consideration of $11,384,451 in a privately negotiated transaction. The warrants purchased were convertible into 2,631,763 shares of OSG’s Class A common stock. The purchase is expected to be completed on Monday, September 18, and the purchase price will be paid out of OSG’s available cash. The warrants sold in this transaction represent all of the warrants held by Cyrus.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) today announced that it has agreed to purchase 3,788,639 shares of the Company’s common stock from entities managed by Cyrus Capital Partners, L.P. at a price of $4.05 per share for a total consideration of $15,343,987.95 in a privately negotiated transaction. The purchase is expected to be completed today and will be paid out of OSG’s available cash. The closing price of OSG common stock in composite trading on August 25, 2023 was $4.01. The purchase is not part of the previously announced program to purchase up to $20 million of OSG common stock.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products in the U.S. Flag markets, today reported results for the second quarter of 2023.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release its second quarter results of fiscal year 2023 before the market opens on Monday, August 7, 2023.

REISSUED/REVISED– Overseas Shipholding Group, Inc. (OSG), a publicly traded energy transportation company headquartered in Tampa, Florida, today announced that the Military Sealift Command (MSC) has awarded the Overseas Mykonos, a vessel in OSG’s fleet, a time charter contract to provide ongoing fuel transportation services to MSC in support of our nation's defense. The contract was awarded in a competitive bidding process.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) today announced that its Board of Directors authorized an increase to its stock repurchase program of an additional $10 million of the Company’s common stock, raising the total value of the stock repurchase program to $20 million.

In an effort to make strides in reducing the gender gap in the maritime industry and create equal opportunities for all, Overseas Shipholding Group announces its support for the women at SUNY Maritime College with a three-year pledge totaling nearly $90,000. The funding will go towards scholarships for women and a student government organization at the college, Women of Maritime, which cadets launched to build community and bring more awareness to the maritime career path.

Overseas Shipholding Group (OSG), a leading publicly traded energy transportation company headquartered in Tampa, FL, saw crews of two of its vessels, the Overseas Santorini and the Overseas Nikiski, perform exceptional acts in rescuing a total of six individuals in two separate incidents occurring within 18 hours of each other.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announces that its Annual Meeting of Stockholders (“Annual Meeting”) will be held virtually on Thursday, June 15, 2023 at 9:30 a.m. Eastern Time (“ET”). Any stockholder wishing to participate in the Annual Meeting may do so by means of remote communication.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products in the U.S. Flag markets, today reported results for the first quarter of 2023.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) today announced that it has published its annual Sustainability Report. The report includes information relating to the Company’s efforts on environmental, social, and corporate governance practices during 2022, as well as its long term plans to evolve in these areas. The Sustainability Report can be found on the Company’s website at www.osg.com/safety-environment.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release first quarter results before the market opens on Monday, May 8, 2023.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) today announced that its Board of Directors has authorized a program to purchase up to ten million shares of the Company’s common stock. Sam Norton, OSG’s President and CEO, stated, “Share repurchases remain one of several focus points for use of free cash flow generated by current and anticipated vessel operations. Reauthorization of a share repurchase program by the OSG Board of Directors provides the Company with added flexibility to continuously evaluate opportunities to manage our available cash in manners that we believe will best serve our shareholders.”

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the fourth quarter and full year 2022.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release fourth quarter results before market opens on Thursday, March 9, 2023.

Overseas Shipholding Group, Inc. (NYSEOSG) (“OSG”), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today announced that it has exercised options to extend its bareboat charter agreements with American Shipping Company ASA (Oslo Stock Exchange: AMSC / OTCQX: ASCJF) for six vessels. The six bareboat charter extensions provide for additional three-year terms commencing in December 2023. With these extensions, seven vessels will continue on lease from AMSC – six with maturity dates aligned to end in December 2026 and one with a maturity of 2025.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) today announced that it has agreed to purchase five million shares of the Company’s common stock from Cyrus Capital at a price of $2.86 per share for a total of $14,300,000. The purchase price for the shares was determined based on the trailing 3 day volume weighted average price at the market closing on November 10, 2022. The closing price of OSG common stock on November 14, 2022 was $2.85. The purchase is expected to be completed today, and will be paid out of OSG’s excess cash.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the third quarter 2022.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release third quarter results before market opens on Friday, November 4, 2022.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the second quarter 2022.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release second quarter results before market opens on Monday, August 8, 2022.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) today announced that its Board of Directors has authorized a program to purchase up to five million shares of the Company’s common stock.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announces that its Annual Meeting of Stockholders will be held virtually on Wednesday, June 1, 2022 at 9:30 a.m. Eastern Time (“ET”). Any stockholder wishing to participate in the Annual Meeting may do so by means of remote communication. The Company determined to continue to hold its meeting virtually.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the first quarter 2022.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release first quarter results before market opens on Monday, May 9, 2022.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) today announced that it has published its Sustainability Report for the fiscal year ended December 31, 2021. The report includes information relating to the Company’s efforts on environmental, social, and corporate governance practices over the years, and specifically during 2021, as well as its long term plans to evolve in these areas. The Sustainability Report can be found on the Company’s website at www.osg.com/safety-environment.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release fourth quarter results before market opens on Wednesday, March 9, 2022.

Overseas Shipholding Group, Inc. (NYSEOSG) (“OSG”), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, will be hosting a conference call at 10:00 a.m. Eastern Time (“ET”) on Tuesday, December 14, 2021 to discuss the press release it issued on Friday, December 10 regarding its decisions to exercise two options to extend the bareboat charter agreements with American Shipping Company ASA (Oslo Stock Exchange: AMSC / OTCQX: ASCJF), and to not exercise options to extend three other bareboat charters.

Overseas Shipholding Group, Inc. (NYSEOSG) (“OSG”), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today announced that it has exercised options to extend its bareboat charter agreements with American Shipping Company ASA (Oslo Stock Exchange: AMSC / OTCQX: ASCJF) for two vessels, and that it will not be exercising extension options for three other vessels. The two bareboat charter extensions provide for additional one-year terms, commencing in December 2022 and ending in December 2023. With these extensions, seven vessels will continue on lease from AMSC - six with maturity dates aligned to end in December 2023 and one with a maturity of 2025. OSG will operate the three vessels whose charters have not been extended for the next 12 months until the end of their current bareboat term in December 2022.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the third quarter 2021.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release third quarter results before market opens on Tuesday, November 9, 2021.

Overseas Shipholding Group, Inc. (NYSEOSG) (“OSG”) a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today announced that it closed on a seven-year $325 million term loan credit facility with Stonebriar Commercial Finance (the “Term Loan Refinancing”). Proceeds were used to refinance and replace its existing term loan facility with The Prudential Insurance Company of America, as administrative agent, and certain other lenders, and an existing term loan with Wintrust Commercial Finance, as well as the partial refinancing of a term loan with Banc of America Leasing & Capital, LLC. The remaining proceeds, after transaction costs, will be used for general working capital purposes.

Overseas Shipholding Group, Inc. (the “Company” or “OSG”) (NYSEOSG), a public company focused on providing energy transportation services for crude oil and petroleum products primarily in the U.S. Jones Act market, announced today that the strategic process to explore, review and evaluate a range of strategic alternatives available to the Company to enhance shareholder value that OSG’s Board of Directors had previously commenced, is continuing.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the second quarter 2021.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release second quarter results before market opens on Friday, August 6, 2021.

Overseas Shipholding Group, Inc. (the “Company” or “OSG”) (NYSEOSG), a public company focused on providing energy transportation services for crude oil and petroleum products primarily in the U.S. Jones Act market, announced today that, following receipt by the Company of a non-binding indication of interest to acquire all of the issued and outstanding shares of common stock of the Company for a price of $3.00 per share, OSG’s Board of Directors has commenced a strategic process to explore, review and evaluate a range of strategic alternatives available to the Company to enhance shareholder value, including the non-binding indication of interest.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announces that its Annual Meeting of Stockholders will be held virtually on Thursday, May 27, 2021 at 10:00 a.m. Eastern Time (“ET”). Any stockholder wishing to participate in the Annual Meeting may do so by means of remote communication. The Company determined to hold its meeting virtually due to continuing concerns relating to the COVID-19 pandemic.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the first quarter 2021.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) announced today that it plans to release first quarter results before market opens on Friday, May 7, 2021.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”) today announced that it has published its Sustainability Report for the fiscal year ended December 31, 2020. The report includes information relating to the Company’s efforts on environmental, social, and corporate governance practices over the years and specifically during 2020. The Sustainability Report can be found on the Company’s website at www.osg.com/safety-environment.

Overseas Shipholding Group, Inc. (NYSEOSG) (the “Company” or “OSG”), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the fourth quarter and full year 2020.