Overseas Shipholding Group

Saltchuk Resources, Overseas Shipholding Group enter merger agreement

An Overseas Shipholding Group tanker

The Overseas Shipholding Group (OSG), a provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products primarily in the US Flag markets, and Saltchuk Resources, privately owned family of diversified freight transportation, marine service and energy distribution companies, have entered into a definitive merger agreement pursuant to which Saltchuk […]

The post Saltchuk Resources, Overseas Shipholding Group enter merger agreement appeared first on Baird...

https://www.bairdmaritime.com/shipping/tankers/saltchuk-resources-overseas-shipholding-group-enter-merger-agreement/

OSG set to be acquired by Saltchuk

Shares in NYSE-listed U.S.-flag tanker and ATB operator Overseas Shipholding Group Inc. (OSG) were trading up this morning on news that it has entered into a definitive merger agreement that will see it acquired by Saltchuk Resources Inc. Saltchuk first made an offer for OSG in 2021, then made a new offer in January of this year.

Under the terms of the merger agreement, family-owned Saltchuk will commence a tender offer to acquire all outstanding shares of OSG it does not already own for $8.50...

https://www.marinelog.com/legal/shipping/osg-set-to-be-acquired-by-saltchuk/

OSG’s LCO2 transportation plans get a $3 million boost

Tampa, Fla., based Overseas Shipholding Group, Inc. (NYSE: OSG) has been awarded $3,000,000 by the U.S. Department of Energy for the engineering and design of an articulated tug and barge unit (ATB). OSG first announced its ambitions to get into the captured carbon storage and transportation business back in December last year and the LCO2 ATB’s role in those plans will be to transport CO2 captured by emitters in the Greater Tampa Bay region and from across the State of Florida to sequestration...

https://www.marinelog.com/inland-coastal/osgs-lco2-transportation-plans-get-a-3-million-boost/

OSG’s Sam Norton: “We’ve stuck the landing!”

”It would be appropriate to state that we have ‘stuck the landing’ with our fourth quarter performance,” said Sam Norton, president and CEO of Tampa, Fla., headquartered Overseas Shipholding Group, Inc. (NYSE: OSG) as the company reported results for the fourth quarter and full year 2023.

Highlights included:

  • 2023 net income was $62.5 million, or $0.77 per diluted share, compared to net income of $26.6 million, or $0.29 per diluted share, in 2022. Net income for the fourth quarter of 2023 was...

https://www.marinelog.com/legal/shipping/osgs-sam-norton-weve-stuck-the-landing/

Saltchuk makes a new offer for OSG

Privately held, Seattle-headquartered Saltchuk Resources Inc. has made a new offer to acquire NYSE-listed tanker and ATB operator Overseas Shipholding Group Inc. (OSG). Saltchuk, which is OSG’s largest shareholder, made an earlier offer to acquire the rest of OSG in June 2021 but suspended those discussions that September, citing pandemic-related market uncertainties.

Today, OSG confirmed that its board of directors had received an unsolicited non-binding indication of interest from Saltchuk for...

https://www.marinelog.com/legal/shipping/saltchuk-makes-a-new-offer-for-osg/

OSG sees liquified CO2 carriers in its future

Tampa, Fla., headquartered Overseas Shipholding Group Inc. (NYSE:OSG) is looking to get into the growing carbon storage and transport business, including operating liquified CO2 carriers, and it’s taking its first steps right outside its own front door with plans for a project in Port Tampa Bay.

The company has been awarded a $400,000 U.S. Department of Energy grant to study the development of its proposed Tampa Regional Intermodal Carbon Hub (T-RICH). The study is intended to evaluate the...

https://www.marinelog.com/legal/environment/osg-sees-liquified-co2-carriers-in-its-future/

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