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OSG purchases three crude oil carriers and acquires Alaska Tanker Company

15 Μαρτίου 2020.

overseas2Overseas Shipholding Group, Inc. (NYSE: OSG) announced that its subsidiaries have completed the purchase of three U.S.-flagged crude oil carrier vessels, the Alaskan Explorer, Alaskan Legend, and Alaskan Navigator from BP Oil Shipping Company USA and BP AMI Leasing Inc. (BP) and have entered into a bareboat charter with BP for a fourth vessel, the Alaskan Frontier.

In connection with these transactions, OSG also completed the acquisition of Alaska Tanker Company LLC (ATC), the operator of the vessels, making ATC a wholly owned subsidiary of OSG.

The vessels purchased will continue to be operated by ATC under time charters with BP Exploration (Alaska), Inc., with firm charter periods lasting until 2022, 2025, and 2026. Each charter also provides for five one-year extension options.

The net new capital investment for OSG for the series of transactions completed today is $54 million. Bank America Leasing led the financing for the transaction, which is secured by mortgages on the vessels.

Sam Norton, OSG’s President and CEO, stated, “The swift completion of this series of transactions within 80 days of reaching definitive agreements is a testimony to both the commitment of and co-operation among OSG and ATC personnel. All involved worked extremely hard to bring about the successful outcome that we are announcing today, an outcome that once again reflects well on both organizations’ focus on excellence in execution of all aspects of work undertaken. I am gratified to be part of such a dedicated team of professionals and salute their achievement.”

Mr. Norton continued, “We have long viewed consolidation among owners of Jones Act tankers as an opportunity for OSG to build on its industry leading franchise in serving the distribution needs of domestic oil producers and refiners. The addition of ATC and its operated vessels to OSG’s platform is a notable achievement in this context, providing the opportunity for substantial additional revenue in the years to come and cementing a long-standing presence in the highly demanding and important Alaskan crude oil trade.

Anil Mathur, ATC’s outgoing President and CEO, and special advisor to OSG, stated, “These are indeed exciting times for ATC. Being part of the OSG family provides new additional opportunities for ATC personnel. I am also pleased that we are retaining the shipboard and the shore support personnel directly responsible for the operations integrity of the tankers. This best provides for continuity of ATC’s strong safety and environmental performance.”

This transaction builds upon several other recent transactions by OSG, including:

• the delivery in September 2019 of two 50,000 DWT class product and chemical tankers, named the Overseas Gulf Coastand Overseas Suncoast, built at Hyundai Mipo Dockyard Co., Ltd.;

• the exercise of options to extend charter agreements with AMSC for nine vessels, five of which commenced in December 2019 and end in December 2022; and

• the impending delivery of two 204,000 barrel Oil and Chemical ATB barges, built at Gunderson Marine’s Portland, Oregon facility, set to be delivered in the second half of 2020.

 

About Overseas Shipholding Group, Inc.

 

Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 22 vessel U.S. Flag fleet consists of the three crude oil tankers just acquired doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates two Marshall Islands flagged MR tankers which trade internationally. In addition to the currently operating fleet, OSG has on order two Jones Act compliant barges which are scheduled for delivery in 2020.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL.

Source: OSG - Overseas Shipholding Group, Inc.

 

 

 

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