NYSE: OSG | |
Industry | Maritime transport (shipping) |
Founded | 1948 |
Headquarters | Tampa, Florida |
Owner |
|
Website | www |
Overseas Shipholding Group (OSG) is the operator of a fleet of twenty-four oil tankers and oil tug-barges. In 2024, the company was acquired by Seattle-based transportation company Saltchuk. [1]
Founded in 1948, Overseas Shipholding Group (OSG) is based in Tampa, Florida, United States. [2] [3] It has offices in Tampa, Florida and Newark, Delaware, [4] with nearly 900 sea and shore-based employees. [5]
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. [6] 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. [7]
The company filed for Chapter 11 bankruptcy in 2012 after the SEC accused CEO Morten Arntzen and CFO Miles Itkin of falsifying financial statements. [8] 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. [9] The executives were sued by OSG and agreed to pay a $16.25 million settlement in 2015. [10]
In July 2024 its stock was delisted from the NYSE as the company was acquired by the private company Saltchuk. [11]
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.
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