Overseas Shipholding Group

Overseas Sophie in dock in Fredericia, Little Belt, Denmark

Overseas Shipholding Group, Inc. (OSG - Overseas Shipping Group) (NYSE: OSG) is the operator of a fleet of twenty-four oil tankers. 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 US 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]

References

  1. ↑ "Company Overview of Overseas Shipholding Group, Inc". Bloomberg. Retrieved 3 January 2018.
  2. ↑ "Corporate Profile: Fast Facts". OSG. Archived from the original on 9 April 2013. Retrieved 29 May 2013.
  3. ↑ Roland, Alex; Bolster, W. Jeffrey; Keyssar, Alexander (2008). The Way of the Ship: America's Maritime History Reenvisoned, 1600-2000. John Wiley & Sons. p. 401. ISBN 9780470136003.
  4. ↑ ""Bloomberg": Rafael Recanati Dismissed Son from Family Shipping Co Management - Globes English". Globes (in Hebrew). Retrieved 2018-01-06.
  5. ↑ http://www.osg.com/contact/Index?KeyGenPage=329192
  6. ↑ https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=294306
  7. ↑ "OSG Sails out of bankruptcy".
  8. ↑ "OSG to pay small fine after SEC finds it guilty of fraud". fairplay.ihs.com. Retrieved 2018-01-03.
  9. ↑ "Overseas Shipholding investors settle lawsuit with execs, others". Reuters. August 7, 2015. Retrieved 2018-01-03.
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