Overseas Shipholding Group Announces the Filing of Form 12B-25

Rhea-AI Summary

Overseas Shipholding Group (NYSE: OSG) has filed a Notification of Late Filing with the SEC for its Annual Report on Form 10-K for the year ending December 31, 2020. The delay is due to pending waivers or amendments to financial covenants in certain lending agreements. OSG anticipates that these amendments will be finalized soon, allowing the filing to occur by March 31, 2021. The company maintains that it is up to date with all payment obligations related to its borrowings.

Positive

• OSG expects to complete waivers/amendments to lending agreements shortly.
• The company is current with its payment obligations under all borrowings.

Negative

• Filing of the 10-K is delayed due to pending waivers or amendments.
• The delay in filing may raise concerns about financial management.

Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”) today announced that it has submitted to the Securities and Exchange Commission a Notification of Late Filing with respect to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Notification states that the 10-K could not be filed by its original due date, March 16, 2021, without unreasonable effort or expense due to pending waivers or amendments of the financial covenant provisions of certain lending agreements.

OSG expects that these waivers and/or amendments will be completed shortly and that it will be in a position to file the 10-K on or before March 31, 2021. OSG is current and expects to remain current in its payment obligations under all of its borrowings.

About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 22 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATB, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates two Marshall Islands flagged MR tankers which trade internationally.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.

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FAQ

Why did OSG submit a Notification of Late Filing?

Overseas Shipholding Group submitted the Notification due to pending waivers or amendments of financial covenant provisions in certain lending agreements.

When is OSG expected to file its 10-K?

OSG expects to file its 10-K on or before March 31, 2021.

Is OSG current on its payment obligations?

Yes, OSG is current and expects to remain current in its payment obligations under all of its borrowings.

What is the significance of the delay in filing the 10-K for OSG?

The delay in filing may raise concerns about OSG's financial management and compliance with lending agreements.