Overseas Shipholding Group
| NYSE: OSG | |
| Industry | Maritime transport (shipping) |
| Founded | 1948 |
| Headquarters | Tampa, Florida |
| Owner |
|
| Website | www |
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 Seattle-based transportation company Saltchuk.[1]
History
[edit]
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
[edit]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.
See also
[edit]- Alaska Tanker Company, since 2020 a wholly-owned subsidiary of Overseas Shipholding Group, Inc.
References
[edit]- ^ "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.