Overseas Shipholding Group, Inc. (OSG - Overseas Shipping Group) () is the operator of a fleet of twenty-four

oil tanker An oil tanker, also known as a petroleum tanker, is a ship designed for the bulk transport of oil or its products. There are two basic types of oil tankers: crude tankers and product tankers. Crude tankers move large quantities of unrefined crud ...

s and oil tug-barges. It is based in

Tampa, Florida Tampa () is a city on the Gulf Coast of the United States, Gulf Coast of the U.S. state of Florida. The city's borders include the north shore of Tampa Bay and the east shore of Old Tampa Bay. Tampa is the largest city in the Tampa Bay area and ...

, United States, and was founded in 1948. In 1969, under the leadership of Raphael Recanati, OSG began acquiring tanker ships to transport oil from Alaska to the

lower 48 The contiguous United States (officially the conterminous United States) consists of the 48 adjoining U.S. states and the Federal District of the United States of America. The term excludes the only two non-contiguous states, Alaska and Hawaii ...

US states. 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. OSG has offices in

Tampa Tampa () is a city on the Gulf Coast of the U.S. state of Florida. The city's borders include the north shore of Tampa Bay and the east shore of Old Tampa Bay. Tampa is the largest city in the Tampa Bay area and the seat of Hillsborough County ...

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

and

Newark Newark most commonly refers to: * Newark, New Jersey, city in the United States * Newark Liberty International Airport, New Jersey; a major air hub in the New York metropolitan area Newark may also refer to: Places Canada * Niagara-on-the ...

Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...

with nearly 900 sea and shore-based employees. The company filed for Chapter 11 bankruptcy in 2012 after the SEC accused CEO Morten Arntzen and CFO Miles Itkin of falsifying financial statements. 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. The executives were sued by OSG and agreed to pay a $16.25 million settlement in 2015.

Spin-off of international business and fleet

In 2016, as part of its restructuring, OSG spun-off its large international fleet and business, concentrating solely on its US flag business, run from Tampa, Fl. The international activities and fleet were re-incorporated into a new company,

International Seaways International is an adjective (also used as a noun) meaning "between nations". International may also refer to: Music Albums * ''International'' (Kevin Michael album), 2011 * ''International'' (New Order album), 2002 * ''International'' (The T ...

, Inc., based in New York City, NY, and listed on the New York Stock Exchange (NYSE) under ticker INSW.

References

External links

* {{DEFAULTSORT:Overseas Shipholding Group Companies based in Tampa, Florida Transport companies established in 1948 Tanker shipping companies Recanati family Companies that filed for Chapter 11 bankruptcy in 2012 1948 establishments in Florida

Spin-off of international business and fleet

See also

References

External links