Overseas Shipholding to acquire Maritrans
New York-based Overseas Shipholding Group and Tampa-based Maritrans Inc. said Monday they have entered into a definitive merger agreement under which OSG will acquire Maritrans for approximately $455 million.
OSG is the largest U.S.-based oil tanker owner, while Maritrans is a Jones Act carrier that is a leading U.S. Flag crude oil and petroleum product shipping company with one of the largest fleets of double hull vessels serving the East coast and U.S. Gulf coast trades.
OSG said the acquisition of Maritrans would enhance its U.S.-flag segment. A joint statement said the transaction combines two fleets with complementary strengths in different trade routes and diversifies OSG’s U.S. Flag presence with the ability to offer expanded services to current and future customers of both companies.
Maritrans has a fleet of 11 articulated tug barges (ATBs), five product carriers, two of which have been redeployed to transport grain, and three large ATBs under construction will complement OSG’s U.S. Flag fleet of seven operating vessels and 10 newbuild product carriers.
“The strategic fit of Maritrans within OSG’s diversified portfolio of assets will broaden our service offerings to customers in the Jones Act market,” said Morten Arntzen, president and CEO of OSG. “Additionally, the lightering business in Delaware Bay and the addition of new customers in the complementary ATB Gulf of Mexico and Florida short-haul trade, will contribute meaningfully to our contractual base of business. Most importantly, however, are Maritrans’ strong commercial reputation and its team of talented personnel which, when combined with our U.S. Flag operation, will give us the platform to support our 10 Jones Act product carrier newbuilds, as well as future growth opportunities in U.S. coastal trades.'
Overseas Shipholding to acquire Maritrans
