Welcome to our dedicated page for Overseas Shipholding Group news (Ticker: $OSG), a resource for investors and traders seeking the latest updates and insights on Overseas Shipholding Group stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Overseas Shipholding Group's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
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Overseas Shipholding Group, Inc. (OSG) has been awarded a $400,000 grant from the United States Department of Energy to study the development of its proposed Tampa Regional Intermodal Carbon Hub (T-RICH). The hub aims to evaluate the commercial feasibility of creating an intermediate storage hub at Port Tampa Bay for CO2 captured from industrial emitters across Florida. OSG plans to transport the stored CO2 by vessels across the Gulf of Mexico for permanent underground storage. This initiative aligns with the United States' goal to achieve net zero carbon by 2050 and is expected to provide up to 30% of the total carbon emission reduction. The project also aims to create hundreds of new jobs in Florida and improve air quality for residents.
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Overseas Shipholding Group, Inc. (OSG) is set to equip all vessels in its fleet with Space X’s Starlink satellite internet service, marking a pioneering moment in the Jones Act and US Flag industries. The company's IT department has worked to substantially complete installation of Starlink equipment on every vessel in the fleet, with full installation expected by year end. This advancement reflects OSG's commitment to seamless connectivity for seafarers, allowing high-speed internet access even in remote maritime locations. Patrick O’Halloran, OSG’s Chief Operations Officer, expressed enthusiasm for the transformational development, highlighting the company's investment in technology as a major step forward in the maritime industry.
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Overseas Shipholding Group, Inc. (OSG) announced a comprehensive lifecycle engine upgrade program for its Alaskan Class fleet, involving engine and operational improvements, environmental benefits, and an extension of the vessels' commercially useful life. The $100 million investment will result in fuel consumption reduction, lower greenhouse gas emissions, and compliance with Carbon Intensity Indicator (CII) regulations through 2035.
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Overseas Shipholding Group, Inc. (NYSE: OSG) declared a cash dividend of $0.06 per share on its Class A Common Stock, the first dividend since 2016. Additionally, the Board authorized the repurchase of an additional $25 million of common stock under its existing stock repurchase program. The company aims to balance investing in the future, managing fixed payment obligations, and benefiting shareholders. OSG has produced cashflows in excess of scheduled debt service and planned capital expenditures, allowing it to return cash to stockholders through dividends and share repurchases while remaining able to take advantage of future business and debt reduction opportunities.
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2.71%
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Overseas Shipholding Group (OSG) reported net income of $17.6 million for Q3 2023, compared to $13.2 million in Q3 2022. Adjusted EBITDA increased by 13.7% to $48.1 million. Shipping revenues decreased by 6.2% to $115.4 million, while TCE revenues decreased by 5.6% to $108.6 million. The company repurchased 4,580,921 shares for $18.7 million and purchased warrants for $11.4 million. OSG's President and CEO highlighted progress in key objectives and prepaid $6.7 million of interest-bearing liabilities at a discount.
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Overseas Shipholding Group, Inc. (NYSE: OSG) will release its Q3 2023 results on November 6, 2023. The company will host a conference call and webcast at 9:30 a.m. ET on the same day. Dial-in and webcast details are available on the company's website.
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OSG prepaid deferred payment obligations and entered into new bareboat charter agreements for its Veteran Class products tanker fleet. The transaction reduces overall outstanding debt and simplifies the relationship with the new vessel owners.
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OSG to reactivate Alaskan Frontier tanker by Q4 2024
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OSG pledges $30,000 scholarship to support women pursuing maritime careers, continuing efforts to improve gender diversity in the industry. Collaborative effort with Women Offshore Foundation. Scholarship recipients will have ongoing interaction with OSG. Applications open until October 31, 2023.
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Overseas Shipholding Group, Inc. agrees to purchase warrants for $11.4 million, retiring nearly 75% of outstanding warrants and reducing fully diluted share count. Purchase price paid out of available cash. Purchase does not impact outstanding shares, maintaining market liquidity. Price paid for warrants seen as attractive with an enterprise value to projected 2023 adjusted EBITDA multiple of less than four times.
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Overseas Shipholding Group, Inc.
NYSE:OSG
OSG Rankings
OSG Stock Data
494.13M
46.11M
31%
54.92%
0.72%
Deep Sea Freight Transportation
Transportation and Warehousing
United States of America
TAMPA
About OSG
overseas shipholding group, inc. is a leading provider of energy transportation services delivering crude oil and petroleum products throughout the united states and the world. founded in 1948, osg has operated through multiple shipping cycles, adjusting our business as needed to compete and succeed. our well-maintained fleet, and commitment to high quality, incident-free service, has positioned us as a preferred energy transportation provider to major oil companies, refiners and traders.