Overseas Shipholding Group

United States-flag shipping company

Overseas Shipholding Group

Traded as

| NYSE: OSG (Class A)
Russell 2000 Component

|

Industry| Maritime transport (shipping)
Founded| 1948
Headquarters| Tampa, Florida
Website| www.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[edit]

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[edit]

* Alaska Tanker Company, since 2020 a wholly-owned subsidiary of Overseas Shipholding Group, Inc.

## References[edit]

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.

## External links[edit]

* Official website

* v
* t
* e

United States-flag shipping companies

Ship operators|

* Alaska Tanker Company
* American Roll-on Roll-off Carrier
* APL
* Crowley Maritime
* Farrell Lines
* Gensteam
* Keystone Shipping
* Hapag-Lloyd USA
* Maersk Line, Limited
* Matson
* Overseas Shipholding Group
* Pasha Hawaii
* Sealift
* TOTE Maritime
* Waterman Steamship Corporation

Tug and barge operators|

* Crowley Maritime
* Foss Maritime
* Kirby
* Trailer Bridge

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