OSG completes purchase of tankers
Overseas Shipholding Group Inc. said it has completed a plan to acquire the Heidmar lightering business from Heidmar Inc., a subsidiary of Morgan Stanley Capital Group Inc., for $41 million.
New York City-based OSG said the acquired lightering operation and staff of eight personnel based in Houston, includes a fleet of four international-flag Aframax tankers and two U.S.-flag workboats that provide crude oil lightering services to refiners, oil companies and trading companies, primarily in the U.S. Gulf.
The business manages a portfolio of one-to-three year fixed rate cargo contracts. Under the agreement, OSG acquired the lightering fleet, which is time chartered-in, including a 50 percent residual interest in two specialized lightering Aframax tankers, the Heidmar Sabine and the Heidmar Brazos.
The Heidmar Lightering operation will be renamed OSG Lightering in connection with the transaction.
OSG completes purchase of tankers
