| Industry: | Maritime transport (shipping) |
| Founded: | 1948 |
| Hq Location: | Tampa, Florida |
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]
In July 2024 its stock was delisted from the NYSE as the company was acquired by the private company Saltchuk.[10]
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 .