Street Smart Investor
Street Smart Investor
Mon, Jul. 18, 7:13 AM
- Overseas Shipholding Group (OSG, OSGB) files details with the SEC on its planned separation.
- OSG expects that any separation would be achieved through a spin-off of OSG International, Inc. in the second half of 2016 to create two standalone publicly traded companies. The transaction will separate the international and domestic businesses.
- “The filing of the Form 10 is an important step in the execution of our plan to create two industry-leading independent public companies,” said Captain Ian T. Blackley, OSG’s president and CEO. “Separating our international and domestic businesses will allow each company to more effectively pursue their distinct operating priorities and strategies and better enable management of both companies to capitalize on opportunities for long-term growth and profitability," says OSG CEO Captain Ian Blackley.
- Source: Press Release
Sun, Jun. 26, 6:35 AM
- Panama officially opens an addition to its legendary sea canal today, capping a nine-year, $5.4B expansion project that will double shipping capacity and affect global trade routes.
- A third lane has been added to the waterway that can accommodate a new generation of super cargo ships large enough to carry up to 14K containers, compared with around 5K currently.
- Check out a time-lapse video of the construction here
- Related tickers: MATX, KEX, CMRE, SSW, DAC, NMM, SINO, SB, DCIX, GOGL, ALEX, DAC, GSL, ESEA, EURN, NAT, OSGB, TGP
Tue, May 10, 7:23 AM
Tue, Mar. 1, 8:42 AM
Tue, Mar. 1, 7:11 AM
Nov. 9, 2015, 7:20 AM
- Overseas Shipholding (NYSEMKT:OSG): Q3 EPS of $0.33 may not be comparable to consensus of $0.20.
- Revenue of $233.6M (+32.6% Y/Y) beats by $4.6M.
Aug. 10, 2015, 7:12 AM
- Overseas Shipholding (NYSEMKT:OSG): Q2 EPS of $0.11
- Revenue of $245.49M (+1.5% Y/Y)
May 7, 2015, 8:22 AM
- Overseas Shipholding (NYSEMKT:OSG): Q1 EPS of $0.08
- Revenue of $221.6M (+3.3% Y/Y)
Mar. 16, 2015, 5:20 PM
- Overseas Shipholding (NYSEMKT:OSG): Q4 EPS of $0.04
- Revenue of $198.92M (+2.6% Y/Y)
Dec. 29, 2014, 5:42 PM
Dec. 26, 2014, 1:03 PM
Oct. 9, 2013, 5:57 PM
- Overseas Shipholding (OSGIQ.PK) plans to sue its former legal counsel for bad advice that forced it to restate more than decade's worth of financial results.
- Bankruptcy followed revelations a year ago that the company's financial reports from 2009 through the present were not trustworthy; this August, the shipper said it may owe $460M or more to the IRS.
- A class-action lawsuit says OSGIQ triggered U.S. tax liabilities by pledging its international shipping unit subsidiaries to secure or guarantee loans to the parent company.
Sep. 23, 2013, 2:40 PM
- Shares of Overseas Shipholding (OSGIQ.PK -36.6%) collapse after the company released a presentation detailing its 5-year outlook assist facilitation of its Chapter 11 proceedings.
- The encumbered company sees positive pre-tax vessel cash flows for its U.S. operations through 2015, but negative flows of $73M and $113M in 2016 and 2017 on the back of $460M in new construction costs. It expects U.S. operations to float to break-even in 2018.
- The company sees better results in its international division, with pre-tax vessel cash flows rising from $25M in 2013 to $185M in 2018 with no new constructions planned.
May 13, 2013, 12:16 PM
Oil tanker trade is growing at its fastest pace in 10 years as the U.S. production boom is forcing exporters, who used to ship oil to U.S. markets, to find new customers on different trade routes, FT reports. A 10% jump in the number of oil-ton miles comes even as the volume of oil traded has flatlined, good news for tanker companies such as Frontline (FRO +8.6%) and Overseas Shipholding (OSGIQ.PK +3.3%).| May 13, 2013, 12:16 PM | 1 Comment
Nov. 14, 2012, 8:22 AM
Overseas Shipholding (OSG) files for Chapter 11 bankruptcy protection. The world's no. 2 independent tanker operator has been struggling to plug a $300M shortfall in its $1.5B fully drawn revolving credit facility, and warned last month that it may have to seek bankruptcy protection. OSG -61% premarket; FRO +10.2%.| Nov. 14, 2012, 8:22 AM
Nov. 13, 2012, 5:53 PMOverseas Shipholding (OSG) files to delay its 10-Q. The time frame for completing the review is not currently known. However, it is anticipated to be beyond the permitted extension date of November 14. | Nov. 13, 2012, 5:53 PM | 1 Comment