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Overseas Shipholding Group

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Overseas Shipholding Group
NYSE: OSG (Class A)
Russell 2000 Component
IndustryMaritime transport (shipping)
Founded1948
HeadquartersTampa, Florida
Websitewww.osg.com
Overseas Sophie in dock in Fredericia, Little Belt, Denmark

Overseas Shipholding Group is the operator of a fleet of twenty-four oil tankers and oil tug-barges. It is based in Tampa, Florida, United States, and was founded in 1948.[1][2]

In 1969, under the leadership of Raphael Recanati, OSG began acquiring tanker ships to transport oil from Alaska to the lower 48 U.S. states.[3]

In the 1990s, OSG began to acquire luxury cruise liners. In 1995, the cruise ships resulted in losses of over $12 million to OSG. As a result of the losses, Michael Recanati, the son of Raphael Recanati, was reported to have been forced to leave OSG.[4]

OSG has offices in Tampa, Florida and Newark, Delaware[5] with nearly 900 sea and shore-based employees.[6]

The company filed for Chapter 11 bankruptcy in 2012 after the SEC accused CEO Morten Arntzen and CFO Miles Itkin of falsifying financial statements.[7] In 2017, the company paid a $75,000 fine to the SEC to settle the securities fraud allegations. Former CFO Miles Itkin also paid a separate $75,000 fine.[8] The executives were sued by OSG and agreed to pay a $16.25 million settlement in 2015.[9]

Spin-off of international business and fleet

In 2016, as part of its restructuring, OSG spun-off its large international fleet and business, concentrating solely on its U.S. flag business.

The international activities and fleet were re-incorporated into a new company, International Seaways, Inc., based in New York City, and listed on the New York Stock Exchange (NYSE) under ticker NYSE: INSW.

See also

References

  1. ^ "Company Overview of Overseas Shipholding Group, Inc". Bloomberg. Retrieved 3 January 2018.
  2. ^ "Corporate Profile: Fast Facts". OSG. Archived from the original on 9 April 2013. Retrieved 29 May 2013.
  3. ^ Roland, Alex; Bolster, W. Jeffrey; Keyssar, Alexander (2008). The Way of the Ship: America's Maritime History Reenvisoned, 1600-2000. John Wiley & Sons. p. 401. ISBN 9780470136003.
  4. ^ ""Bloomberg": Rafael Recanati Dismissed Son from Family Shipping Co Management - Globes English". Globes (in Hebrew). 7 November 1996. Retrieved 2018-01-06.
  5. ^ "Contact".
  6. ^ "Stocks". Bloomberg News. August 2023.
  7. ^ "OSG Sails out of bankruptcy". Bloomberg News. 7 August 2014.
  8. ^ "OSG to pay small fine after SEC finds it guilty of fraud". fairplay.ihs.com. Retrieved 2018-01-03.
  9. ^ "Overseas Shipholding investors settle lawsuit with execs, others". Reuters. August 7, 2015. Retrieved 2018-01-03.
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