Overseas Shipholding Group
|Traded as||NYSE: OSG (Class A)|
Russell 2000 Component
Overseas Shipholding Group, Inc. (OSG - Overseas Shipping Group) (NYSE: OSG) is the operator of a fleet of twenty-four oil tankers. It is based in Tampa, Florida, United States, and was founded in 1948.
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.
The company filed for Chapter 11 bankruptcy in 2012 after the SEC accused CEO Morten Arntzen and CFO Miles Itkin of falsifying financial statements. 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. The executives were sued by OSG and agreed to pay a $16.25 million settlement in 2015.
- "Company Overview of Overseas Shipholding Group, Inc". Bloomberg. Retrieved 3 January 2018.
- "Corporate Profile: Fast Facts". OSG. Archived from the original on 9 April 2013. Retrieved 29 May 2013.
- 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.
- ""Bloomberg": Rafael Recanati Dismissed Son from Family Shipping Co Management - Globes English". Globes (in Hebrew). Retrieved 2018-01-06.
- "OSG Sails out of bankruptcy".
- "OSG to pay small fine after SEC finds it guilty of fraud". fairplay.ihs.com. Retrieved 2018-01-03.
- "Overseas Shipholding investors settle lawsuit with execs, others". Reuters. August 7, 2015. Retrieved 2018-01-03.