Shares of Overseas Shipholding Group (NYSE:OSG) soared almost forty percent in early morning trading after they announced that Saltchuk is interested in acquiring the company.
Overseas Shipholding Group, a public company focused on providing energy transportation services for crude oil and petroleum products primarily in the U.S. Jones Act market, announced today they recieved an indication of interest to acquire all of the issued and outstanding shares of common stock of the Company for a price of $3.00 per share. Yesterday’s closing price stock was $2.10.
Saltchuk is a privately owned family of diversified transportation and distribution companies headquartered in Seattle. While the name Saltchuk is not widely known, many of the shipping and logistics companies they control are including TOTE, Northern Aviation Services, Saltchuk Logistics, Tropical Shipping, and NorthStar Energy.
Overseas Shipholding Group is the operator of a fleet of twentyfive oil tankers and oil tugbarges. It is based in Tampa, Florida, United States, and was founded in 1948. OSG was once a much larger company but in 2016, as part of a large restructuring plan, it spun off its large international fleet and business, into a new company, International Seaways (INSW).
The opinions expressed herein are the author’s and not necessarily those of News2Sea.
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