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Business Observer Friday, Oct. 4, 2019 2 weeks ago

Area shipping company adds two newly built vessels to fleet

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Executives from Tampa-based Overseas Shipholding Group travel to South Korea for the christening of the 50,000-ton tankers.

TAMPA — Overseas Shipholding Group Inc. (NYSE: OSG), which specializes in shipping crude oil and petroleum products, has taken delivery of two 50,000-ton tankers built at Hyundai Mipo Dockyard Co. Ltd. in Ulsan, South Korea.

According to a press release, OSG COO Patrick O’Halloran and Chief Administration Officer Damon Mote traveled to Ulsan for the christening of the Overseas Gulf Coast and Overseas Sun Coast.

“These tanker deliveries mark the latest in a long history of cooperation with Hyundai shipyards, being the 52nd and 53rd in the multiple series of vessels built for OSG by Hyundai,” O’Halloran states in the release. “It is with great pleasure that we take delivery of these vessels from our trusted building partners and we look forward to operating these state-of-the-art tankers in the years to come.”

The Overseas Gulf Coast and Overseas Sun Coast, the release states, will operate in the international market under the Marshall Islands flag, with both vessels having entered into one-year charters. Following this initial contract period, OSG anticipates that the vessels will transition to operate under the U.S. flag.

OSG reported gross annual revenue of $366.16 million last year, down from $390.43 million in 2017.

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