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Overseas Shipholding Group Inc. - OSG STOCK NEWS

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.

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.

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Overseas Shipholding Group, Inc. (NYSE: OSG) declares a cash dividend of $0.06 per share on its Class A Common Stock. The dividend will be paid on April 11, 2024, to stockholders of record on March 28, 2024. The Company's President and CEO, Sam Norton, emphasizes the strong financial condition and commitment to shareholder value.
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Overseas Shipholding Group, Inc. (OSG) reported strong financial performance in 2023, with net income of $62.5 million, an increase of 135% from 2022. Adjusted EBITDA for 2023 was $175.7 million, up by 23.1% from 2022. Despite a decrease in shipping revenues, the company saw positive results due to charterparties fixed at escalating rates. OSG repurchased shares, declared dividends, and made strategic investments in vessels. The company remains optimistic about its future prospects in a balanced market.
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Overseas Shipholding Group, Inc. (NYSE: OSG) announced the release of its fourth-quarter results for fiscal year 2023, with a conference call scheduled for March 11, 2024, at 9:30 a.m. ET. Participants can dial in or watch the webcast on the Company's website.
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Overseas Shipholding Group, Inc. (OSG) has received an unsolicited non-binding indication of interest from Saltchuk Resources, Inc. for the acquisition of all outstanding shares not already owned for $6.25 per share in cash. OSG's Board of Directors is evaluating the offer, emphasizing that stockholders do not need to take any action at this time. The company has not made any decisions regarding the response to the indication of interest, and there is no assurance that a definitive proposal will be made or accepted.
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Overseas Shipholding Group, Inc. (OSG) pledges $90,000 to Massachusetts Maritime Academy to promote women's entry into the maritime industry. The pledge will fund undergraduate and sea term scholarships, sponsor the Women's Network, and support the Sea, Science, and Leadership Career Exploration Program.
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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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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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FAQ

What is the current stock price of Overseas Shipholding Group (OSG)?

The current stock price of Overseas Shipholding Group (OSG) is $8.49 as of July 9, 2024.

What is the market cap of Overseas Shipholding Group (OSG)?

The market cap of Overseas Shipholding Group (OSG) is approximately 611.5M.

What does Overseas Shipholding Group Inc. (OSG) do?

OSG provides energy transportation services, delivering crude oil and petroleum products across the United States and globally.

When was Overseas Shipholding Group Inc. founded?

OSG was founded in 1948.

How many vessels does OSG operate?

OSG operates a fleet of approximately 21 oceangoing vessels registered in the United States.

What is the primary source of revenue for OSG?

The majority of OSG's revenue is generated through time charters, which involve leasing ships for extended periods.

What segment does OSG operate in?

OSG operates in the U.S. Flag Fleet segment.

Who are OSG's main clients?

OSG's main clients include major oil companies, refiners, and traders.

What recent achievements has OSG made?

Recent achievements include successful contract renewals and expansions with major clients.

How does OSG maintain its vessels?

OSG maintains its vessels to high standards to ensure optimal performance and safety.

What is OSG's commitment to service quality?

OSG is committed to providing high-quality, incident-free service, which has positioned it as a preferred transportation provider.

What are OSG's future plans?

OSG is exploring strategic partnerships and innovations to enhance its service offerings and expand its market presence.
Overseas Shipholding Group Inc.

NYSE:OSG

OSG Rankings

OSG Stock Data

611.54M
51.56M
28.2%
48.97%
0.87%
Oil & Gas Midstream
Deep Sea Foreign Transportation of Freight
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United States of America
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