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Overseas Shipholding Group Inc. (OSG) is a prominent provider of energy transportation services, specializing in the delivery of crude oil and petroleum products across the United States and globally. Founded in 1948, OSG has adeptly navigated various shipping cycles, evolving its operations to remain competitive and successful in the industry. The company prides itself on maintaining a high-quality, incident-free service, which has earned it a reputation as a preferred transportation provider for major oil companies, refiners, and traders.
OSG owns and operates a fleet of approximately 21 oceangoing vessels registered in the United States. This fleet, part of the U.S. Flag Fleet segment, primarily generates revenue through time charters, which involve leasing ships for extended periods. These vessels are meticulously maintained to ensure optimal performance and safety standards, reflecting the company's commitment to excellence.
Beyond its core business, OSG is actively engaged in ongoing projects aimed at enhancing its service offerings and expanding its market presence. The company is continuously exploring strategic partnerships and innovations within the energy transportation sector. This proactive approach not only strengthens OSG's operational capabilities but also positions it to capitalize on emerging opportunities in the market.
Recent achievements of OSG include successful contract renewals and expansions with major clients, reflecting the trust and reliability the company has established over the years. Financially, OSG remains robust, with a stable revenue stream supported by its long-term charters and a well-diversified client base.
For investors and stakeholders, OSG represents a sound investment with its solid operational foundation and forward-looking strategies. The company's dedication to maintaining stringent safety and quality standards ensures a reliable and efficient service, reinforcing its standing as a leader in the energy transportation industry.
Saltchuk Resources successfully completed its acquisition of Overseas Shipholding Group (OSG) for $8.50 per share, valuing the transaction at approximately $950 million. OSG will now operate as a wholly-owned subsidiary within Saltchuk's diversified business portfolio, which includes domestic and international shipping, logistics, marine services, energy distribution, and air cargo. The acquisition adds over 8,500 employees to Saltchuk. The deal, first announced on May 20, 2024, concluded following the expiration of the Hart-Scott-Rodino Antitrust waiting period on June 26, 2024. With the completion of the transaction, OSG's shares will be delisted from the NYSE and deregistered under the Securities Exchange Act of 1934.
Saltchuk Resources and Overseas Shipholding Group (OSG) announced the expiration of the Hart-Scott-Rodino (HSR) waiting period for Saltchuk's tender offer for OSG's Class A common stock at $8.50 per share. This expiration satisfies one major condition for the offer. However, other conditions, like the minimum tender of shares, still need to be met. The expiration of the offer is set for July 9, 2024, unless extended. Stockholders are being informed on how to tender their shares. The complete terms can be found in documents filed with the SEC, available on OSG's site and the SEC's website.
Saltchuk Resources and Overseas Shipholding Group (OSG) announced that Saltchuk's subsidiary, Seahawk MergeCo, commenced a tender offer for all issued and outstanding shares of OSG at $8.50 per share in cash. The offer is part of a merger agreement between the companies.
The OSG Board of Directors recommends that stockholders tender their shares. The tender offer expires on July 9, 2024, unless extended or terminated earlier.
Upon completion of the offer and satisfaction of conditions, Seahawk MergeCo will merge with OSG, which will cease to be publicly traded and become wholly-owned by Saltchuk.
Further details are available in documents filed with the SEC on June 10, 2024, accessible on OSG's website and the SEC website.
Overseas Shipholding Group (NYSE: OSG) has released its annual Sustainability Report for 2023. The report outlines the company's efforts and long-term plans in environmental, social, and corporate governance (ESG) practices.
Key highlights include the expansion of its carbon capture, utilization, and storage (CCUS) business line with new funding opportunities for CO2 transportation, and the installation of Starlink across its entire fleet. Additionally, OSG has committed nearly $60 million to lifecycle engine upgrades for its Alaskan Class fleet and has pledged $240,500 in scholarship funds to promote gender equity.
The report is presented alongside OSG's Annual Report and Proxy Statement, offering a comprehensive view of the company's performance and future activities.
Overseas Shipholding Group (OSG) announced the cancellation of its 2024 Annual Meeting of Stockholders, initially scheduled for June 6, 2024. This decision is due to a pending merger with Saltchuk Resources. Details of the merger, disclosed in a previous press release on May 20, 2024, indicate that Saltchuk will acquire OSG at $8.50 per share, valuing the transaction at $950 million.
Overseas Shipholding Group (NYSE: OSG) announced a definitive merger agreement with Saltchuk Resources, valuing OSG at $950 million. Saltchuk will acquire all outstanding OSG shares for $8.50 per share, a 61% premium to OSG’s 30-day volume-weighted average price on January 26, 2024. The transaction has been unanimously approved by the boards of both companies and is expected to close in the coming months, pending customary conditions. Post-merger, OSG will operate as a standalone business unit within Saltchuk. The transaction is not subject to financing conditions.
Overseas Shipholding Group, Inc. reported positive first-quarter 2024 results with net income of $14.6 million, adjusted EBITDA of $43.9 million, and shipping revenues of $117.5 million. The company extended a bareboat charter, declared a cash dividend, and anticipates market strength due to international freight rates.
Overseas Shipholding Group, Inc. (NYSE: OSG) will announce its first quarter 2024 results on May 10, 2024. The Company will host a conference call and webcast to discuss the results. Participants can dial in or watch the live webcast on the Investors section of the company's website.
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