OSG completes takeover of Stelmar

OSG completes takeover of Stelmar    New York-based tanker shipping operator Overseas Shipholding Group, Inc. Thursday completed a $843 million takeover of Stelmar Shipping Ltd. after the Greek tanker shipping company's shareholders approved the sale.
   Overseas Shipholding Group said shareholders holding approximately 74 percent of Stelmar’s outstanding shares approved the takeover.
   The combination of Overseas Shipholding Group and Stelmar creates the world’s second-largest publicly traded oil tanker company measured by number of vessels and the third-largest measured by deadweight tons. The combined company has a fleet of 90 international flag vessels totaling 12.8 million deadweight tons.
   Listed on the New York Stock Exchange, Overseas Shipholding Group has a market capitalization of about $2.05 billion, still much less than the $3.6 billion capitalization of tanker shipping market leader Frontline.