Overseas Shipholding Group

Template:Short description {{#invoke:Infobox|infobox}}Template:Template otherTemplate:Main other{{#invoke:Check for clobbered parameters|check|nested=1|template=Infobox company|cat=Template:Main other|name; company_name|logo; company_logo|logo_alt; alt|trade_name; trading_name|former_names; former_name|type; company_type|predecessors; predecessor|successors; successor|foundation; founded|founders; founder|defunct; dissolved|hq_location; location|hq_location_city; location_city|hq_location_country; location_country|num_locations; locations|areas_served; area_served|net_income; profit|net_income_year; profit_year|owners; owner |homepage; website }}{{#invoke:Check for unknown parameters|check|unknown=Template:Main other|preview=Page using Template:Infobox company with unknown parameter "_VALUE_" | ignoreblank=y | alt | area_served | areas_served | assets | assets_year | aum | brands | company_logo | company_name | company_type | defunct | dissolved | divisions | embed | equity | equity_year | fate | footnotes | headquarters | former_name | former_names | foundation | founded | founder | founders | genre | homepage | hq_location | hq_location_city | hq_location_country | incorporated | image | image_alt | image_caption | image_size | image_upright | income_year | industry | ISIN | key_people | location | location_city | location_country | locations | logo | logo_alt | logo_caption | logo_class | logo_size | logo_upright | members | members_year | module | name | native_name | native_name_lang | net_income | net_income_year | num_employees | num_employees_year | num_locations | num_locations_year | operating_income | owner | owners | parent | predecessor | predecessors | production | production_year | products | profit | profit_year | rating | ratio | revenue | revenue_year | romanized_name | services | subsid | subsidiaries | successor | successors | traded_as | trade_name | trading_name | type | website| qid | fetchwikidata | suppressfields | noicon | nocat | demo | categories }} 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

History

File:Overseas Sophie.jpeg

Overseas Sophie in dock in Fredericia, Little Belt, Denmark

Founded in 1948, Overseas Shipholding Group (OSG) is based in Tampa, Florida, United States.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> It has offices in Tampa, Florida and Newark, Delaware,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> with nearly 900 sea and shore-based employees.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref>Template:Cite book</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

The company filed for Chapter 11 bankruptcy in 2012 after the SEC accused CEO Morten Arntzen and CFO Miles Itkin of falsifying financial statements.<ref>Template:Cite news</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The executives were sued by OSG and agreed to pay a $16.25 million settlement in 2015.<ref>Template:Cite news</ref>

In July 2024 its stock was delisted from the NYSE as the company was acquired by the private company Saltchuk.<ref>Template:Cite press release</ref>

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 Template:Nyse.

See also

• Alaska Tanker Company, since 2020 a wholly owned subsidiary of Overseas Shipholding Group, Inc.

External links

• Template:Official website