Schottel is to supply azimuthing thrusters for the four new Robert Allan Ltd.-designed RApport 2600 escort tugs ordered by Saltchuk Marine at Eastern Shipbuilding Group. The Saltchuk Marine family includes Foss Maritime, Young Brothers, Cook Inlet Tug & Barge, AmNav Maritime, and Foss Offshore Wind. The four-tug contract marks the beginning of Saltchuk Marine’s long-term fleet renewal project, with the new tugs set to support West Coast port operations and to comply with EPA Tier 4 and...
Saltchuk
Saltchuk Resources completes OSG acquisition
Saltchuk Resources Inc. reports 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. (NYSE: OSG) 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.
“With OSG, Saltchuk now numbers...
https://www.marinelog.com/news/saltchuk-resources-completes-osg-acquisition/
Eastern to build four new CARB-compliant escort tugs for Saltchuk
Panama City, Fla., based Eastern Shipbuilding Group (ESG) reports that it has been awarded a contract to construct four new Robert Allan Ltd. RApport 2600 escort tugs for Saltchuk Marine. They will be built at ESG’s Allanton and Port St. Joe shipyards, with delivery expected in 2026.
The Saltchuk Marine family includes Foss Maritime, Young Brothers, Cook Inlet Tug & Barge, AmNav Maritime, and Foss Offshore Wind. The four-tug contract marks the beginning of Saltchuk Marine’s long-term fleet...
OSG releases its new annual sustainability report
Tampa, Fla., headquartered Overseas Shipholding Group, Inc. (NYSE: OSG) had two announcements, Wednesday. In the morning it reported that it had 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. Then, later in the day, it announced that it had published its annual sustainability report.
The report includes information relating to the company’s efforts on environmental,...
https://www.marinelog.com/legal/environment/osg-releases-its-new-annual-sustainability-report/
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/
Aloha Air Cargo to cease Los Angeles-Honolulu freighter service
Aloha Air Cargo has decided to close its Los Angeles-Honolulu lane, effective June 1, because of weak demand, FreightWaves has learned.
The route is marketed by Aloha, which signs customers and accepts bookings, but sister airline Northern Air Cargo flies a Boeing 767 for Aloha on a charter basis. Aloha operates the route five days a week.
Both companies are subsidiaries of Saltchuk Resources, a diversified freight transportation, logistics and energy distribution holding company based in...
https://www.freightwaves.com/news/aloha-air-cargo-to-cease-los-angeles-honolulu-freighter-service
Cargo airline sends new Boeing 767 freighters directly to storage
The company behind Northern Air Cargo has taken delivery of two widebody freighter aircraft this year and immediately placed them in storage because there isn’t enough business to operate them profitably despite the improved outlook for the global airfreight market, FreightWaves has learned.
The decision represents the latest case of an all-cargo airline throttling back on fleet expansion plans made during the COVID crisis when a shortfall in shipping capacity sent rates through the roof and...
https://www.freightwaves.com/news/cargo-airline-sends-new-boeing-767-freighters-directly-to-storage
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/
Aloha Air Cargo pide al Departamento de Transportes que elimine las trabas reglamentarias a su expansión
Aloha Air Cargo está instando al Departamento de Transporte de EE.UU. a levantar un límite en el número de aviones que puede operar en el servicio entre las islas de Hawai, que afirma está inhibiendo su capacidad para crecer y ayudar al Servicio Postal de EE.UU. a superar los retrasos en la entrega de correo.
La elevada demanda de correo supera la capacidad actual de Aloha Air, lo que provoca retrasos en el tránsito. El Servicio Postal ha pedido a Aloha Air Cargo que empiece a transportar...
Aloha Air Cargo asks DOT to remove regulatory handcuffs on expansion
Aloha Air Cargo is urging the U.S. Department of Transportation to lift a cap on the number of aircraft it can operate in inter-island Hawaii service, which it claims is inhibiting its ability to grow and help the U.S. Postal Service overcome mail delivery backlogs.
High mail demand exceeds Aloha Air’s current capacity, resulting in transit delays. The Postal Service has asked Aloha Air Cargo to begin transporting mail from Honolulu to both Maui and Hilo and could be forced to use slower boats...
https://www.freightwaves.com/news/dot-air-cargo-limit-forces-postal-service-to-use-boats-in-hawaii