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OSG completes purchase of tankers

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.