Overseas Shipholding Group Announces the Release of its Sustainability Report

Rhea-AI Summary

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.

Positive

• Expansion of the CCUS business line with new funding opportunities.
• Installation of Starlink on 100% of the fleet enhances operational efficiency.
• Nearly $60 million committed to lifecycle engine upgrades for the Alaskan Class fleet.
• Scholarship funds of $240,500 pledged to promote gender equity.

Negative

• No specific financial data or revenue figures provided in the Sustainability Report.
• High capital commitment might impact short-term liquidity.

TAMPA, Fla.--(BUSINESS WIRE)-- Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”) today announced that it has published its annual Sustainability Report. The report includes information relating to the Company’s efforts on environmental, social, and corporate governance practices during 2023, as well as its long-term plans to evolve in these areas. The Sustainability Report can be found on the Company’s website at www.osg.com/safety-environment.

Sam Norton, the Company’s CEO, and Rebecca DeLaet, the Company’s Chair of the Corporate Governance and Risk Assessment Committee, stated in the report, “Our recent financial success and operational efficiencies have allowed OSG to sharpen its focus on the future and to advance our vision of our operations going forward. The release of this year’s report is a further progression in that journey as we seek to mark our goals, bring to light our accomplishments, and highlight areas where we have sought to have a significant impact, particularly in environmental and social initiatives.”

In the Report, OSG highlights key developments in the Company’s commitment to a sustainable future, including:

• The expansion of the Company’s developing carbon capture, utilization, and storage (“CCUS”) business line, including the recent funding opportunities OSG has leveraged to further develop a transportation solution for liquified CO₂.
• Installing Starlink on 100% of the Company’s fleet.
• The capital commitment of nearly $60 million to carry out lifecycle engine upgrades to the Company’s Alaskan Class fleet.
• Pledging and awarding a combined $240,500 in scholarship funds committed to promoting gender equity.

The Sustainability Report is issued in conjunction with the Company’s Annual Report and Proxy Statement, which together present a collective view of the Company’s performance and activities.

For more information, please visit the Company’s website at www.osg.com.

About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. is a publicly traded company providing liquid bulk transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG’s U.S. Flag fleet consists of Suezmax crude oil tankers, conventional and lightering ATBs, shuttle and conventional MR tankers, and non-Jones Act MR tankers that participate in the U.S. Tanker Security Program.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240529372504/en/

Investor Relations & Media Contact:

Susan Allan, Overseas Shipholding Group, Inc.

(813) 209-0620

sallan@osg.com

Source: Overseas Shipholding Group, Inc.

FAQ

What are the key highlights of OSG's 2023 Sustainability Report?

Key highlights include expanding the CCUS business line, installing Starlink on the entire fleet, committing $60 million for engine upgrades, and pledging $240,500 in scholarships for gender equity.

What is OSG's stock symbol?

OSG.

How much has OSG committed to lifecycle engine upgrades?

Nearly $60 million.

What initiatives has OSG undertaken to promote gender equity?

OSG has pledged $240,500 in scholarship funds to promote gender equity.

Where can I find OSG's Sustainability Report?

The report can be found on OSG's website at www.osg.com/safety-environment.

What technological upgrade has OSG implemented across its fleet?

OSG has installed Starlink on 100% of its fleet.