Overseas Shipholding Group

What Overseas Shipholding Group does

Overseas Shipholding Group, Inc. (OSG) is a Tampa-headquartered provider of energy transportation services that operates a U.S. Flag fleet of 21 tankers and ATBs (1,537,342 DWT) transporting crude oil and refined petroleum products across all four U.S. coastwise markets: intra-U.S. Gulf, U.S. Gulf-East Coast, U.S. Gulf-West Coast, and Alaska North Slope. The fleet is composed of 13 MR product carriers (five owned, eight chartered-in), four crude oil tankers (all owned), two refined product ATBs (owned), and two lightering ATBs (owned), operated under the OSG Ship Management, Inc. shoreside organization out of Tampa. OSG monetizes the fleet primarily through medium- and long-term time charter equivalents (subscription/recurring revenue) with strategic anchors including BP (four Alaska Class vessels), Shell Trading (STONES field), and the U.S. Military Sealift Command, supplemented by voyage charter activity and two vessels participating in the Maritime Security Program. Pricing is structured around TCE rates on multi-year contracts; Q1 2024 disclosed spot TCE rates were $70,975/day for Jones Act MR product carriers, $64,937/day for Alaska, $47,992/day for ATBs, and $126,069/day for lightering.

Following the July 2024 take-private by Saltchuk Resources for approximately $950 million enterprise value, OSG became a wholly owned subsidiary within a $5.5 billion-revenue diversified transportation, marine services, and energy distribution conglomerate, retaining its standalone operating identity and Tampa headquarters. The company is concurrently incubating a parallel non-petroleum business line through wholly owned subsidiary Aptamus Carbon Solutions LLC: the COAST20 marine CO2 transport program and the T-RICH intermodal hub at Port Tampa Bay, supported by U.S. Department of Energy grants and a front-end engineering partnership with Entr (Aker Solutions' consultancy arm), with LBC Tank Terminals in Baton Rouge slated as the Gulf Coast discharge point. Fleet modernization includes MAN Energy Solutions Lifecycle Engine Upgrades with 'Ready for Methanol' capability across the Alaska Class and fleet-wide Starlink maritime connectivity. Customer-base mix skews to U.S. Flag enterprise buyers (major oil companies, refiners, traders, U.S. government entities), with a go-to-market anchored on long-cycle charters, Jones Act regulatory protection, and an emerging CCUS service offering aimed at Florida power generation and industrial emitters.

Name

Overseas Shipholding Group

Legal name

Overseas Shipholding Group, Inc.

Website

https://osg.com

Company type

Private

Founded year

1948

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Overseas Shipholding Group operates a 21-vessel U.S. Flag tanker and ATB fleet transporting crude oil and petroleum products across all four U.S. coastwise markets, primarily under medium- to long-term time charters. Now a privately held subsidiary of Saltchuk Resources following its July 2024 acquisition.

Ownership category

akta.pro rank

Product category

Maritime Tanker Shipping

NAICS

Deep Sea Freight Transportation (483111), Coastal and Great Lakes Freight Transportation (483113), Other Support Activities for Water Transportation (48839)

SIC

Water Transportation (4400), Deep Sea Foreign Transportation Of Freight (4412), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Liquid Bulk / Crude & Product Tanker Operators (VLCC/Suezmax/Aframax/MR) (TLADABAD)

akta.pro secondary industries

Crude Oil & Petroleum Products Tanker Transport (TLADALAA), Crude Oil Tanker Shipping (EUALADAG), Marine & Offshore Energy O&M (Offshore Wind, Platforms, Subsea Assets) (EUAEAGAO)

Keywords

• Jones Act tanker shipping
• Crude oil transportation
• Petroleum product shipping
• Energy maritime logistics
• Art tug barge operations

Headquarters

HQ city

Tampa

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Time and Bareboat Charter Revenues: Primary revenue stream from medium-term to long-term time charters providing predictable revenues without spot market fluctuations. Vessels primarily operate under time charter arrangements with major oil companies, refiners, and traders.
2. Voyage Charter Revenues: Revenue from voyage charters generating additional income, though less predictable than time charters. Part of diversified commercial strategy.
3. U.S. Maritime Security Program (MSP): Two OSG vessels participate in MSP, receiving annual fees from U.S. government in exchange for guarantee of availability to Department of Defense in war or national emergency.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Overseas Shipholding Group (OSG) operates a U.S. Flag fleet of crude oil tankers, MR product carriers, and articulated tug barges (ATBs) transporting crude oil and petroleum products under Jones Act and select non-Jones Act trades, primarily under medium to long-term time charters. The company also operates Alaska Class crude oil carriers (via wholly owned subsidiary Alaska Tanker Company) on time charter to BP, lightering services, government Maritime Security Program vessels, and is developing maritime CO2 transport and storage (COAST20/T-RICH) through subsidiary Aptamus Carbon Solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• U.S. Flag Jones Act Crude Oil & Petroleum Product Transportation Jones Act-compliant transportation of crude oil and refined petroleum products across all four U.S. coastwise markets (Intra-U.S. Gulf, U.S. Gulf to West Coast, U.S. Gulf to East Coast, and Alaska North Slope), primarily on medium to long-term time charters.
• Alaska Crude Oil Transportation (Alaska Tanker Company) Time and bareboat charter transportation of Alaska North Slope crude oil via four Alaska Class crude oil carriers (Alaskan Explorer, Alaskan Legend, Alaskan Navigator, Alaskan Frontier), operated by wholly owned subsidiary Alaska Tanker Company and primarily chartered to BP.
• Lightering Services Ship-to-ship lightering operations using two OSG-owned Lightering ATBs to transfer crude oil and petroleum products from larger vessels unable to berth at U.S. ports.
• Non-Jones Act MR Tanker Time Charters Voyage and time charter transportation of crude oil and refined products using non-Jones Act MR product carriers, including participation in the U.S. Tanker Security Program and time charters with the U.S. Military Sealift Command for government cargo execution.
• Maritime Security Program (MSP) / Tanker Security Program (TSP) Vessel Participation Participation of two OSG vessels in the U.S. Maritime Security Program, receiving annual readiness fees in exchange for guaranteed availability to the U.S. Department of Defense in war or national emergency; also includes Tanker Security Program participation.
• COAST20 Liquefied CO2 Maritime Transport (Aptamus Carbon Solutions) Marine CO2 transportation infrastructure to move captured carbon dioxide from Florida's industrial emitters to underground storage sites along the northern Gulf Coast, including a 20,000-ton liquefied CO2 tank vessel design, a Port Tampa Bay intermodal hub, and a discharge and regassification terminal at LBC Tank Terminals in Baton Rouge.
• Tampa Regional Intermodal Carbon Hub (T-RICH) Carbon capture, transport, and storage hub at Port Tampa Bay developed to evaluate the feasibility of storing and exporting CO2 captured from Florida's industrial emitters, with initial planned capacity of 2 million metric tons of CO2 per year.
• OSG Ship Management Services Full-service ship management delivered by OSG Ship Management, Inc., including shoreside fleet managers, marine and technical superintendents, crewing and training, safety, security, quality, and environmental (SQE) personnel supporting the OSG fleet.

Quantifiable outcome

• 23.1% increase in Adjusted EBITDA year-over-year (2023 vs 2022)
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Entr (Aker Solutions)coreStrategic or Co-development Partner · 8 May 2025Entr, the consultancy arm of Aker Solutions, entered agreement with Aptamus Carbon Solutions for front end engineering and design of temporary storage and liquefaction processing terminal at Port Tampa Bay and discharge/regassification terminal at LBC Tank Terminals in Baton Rouge, Louisiana for COAST20 CO2 maritime transport program.
• LBC Tank TerminalscoreStrategic or Co-development Partner · 8 May 2025LBC Tank Terminals in Baton Rouge, Louisiana serves as partner for COAST20 discharge and regassification terminal, adjacent to existing dedicated CO2 pipeline system for delivery to permanent underground storage sites in the Gulf Coast region.
• MAN Energy Solutions SEcoreTechnology or Integration · 15 December 2023Contract with MAN Energy Solutions for lifecycle engine upgrade (LCU) program on all four Alaskan Class vessels. Includes engine component replacements, advanced control systems, optimization technologies, CII compliance capability, and 'Ready for Methanol' capability.
• Port Tampa BaycoreStrategic or Co-development PartnerPort Tampa Bay is a strategic partner in T-RICH carbon hub development and COAST20 project. OSG is longtime strategic partner and provider of maritime transportation services at Port Tampa Bay. The port serves as location for the intermodal CO2 hub.
• American Maritime Partnership (AMP)minorOthersOSG is a proud supporter and active participant of AMP, a diverse coalition representing interests of domestic maritime industry and supporting preservation of the Jones Act.
• Alaska Tanker CompanycoreOthersAlaska Tanker Company is a wholly owned subsidiary of OSG since March 2020, acquired from BP and Keystone. Operates Alaska Class crude oil carriers on time charter to BP.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Crowley Maritime Corporation: Crowley operates one of the largest Jones Act tanker and ATB fleets in U.S. coastwise trade, providing crude oil and petroleum product transportation directly comparable to OSG's core business. Both companies serve major oil companies and refiners under similar time charter structures across the same U.S. Flag markets.
• Kirby Corporation: Kirby is the largest U.S. tank barge operator, transporting petroleum products, chemicals, and crude oil through its Jones Act inland and coastal barge fleet. Directly comparable to OSG in business model, customer base (oil majors, refiners), and U.S. coastwise energy transportation market.
• Bouchard Transportation Co. Bouchard is a longstanding Jones Act tank barge and tug operator focused on petroleum and crude oil transportation in U.S. coastwise trade. Comparable fleet composition, customer overlap with refiners and oil traders, and similar exposure to Jones Act regulatory dynamics as OSG.
• Ingram Marine Group: Ingram Barge Company is a major U.S. Jones Act tank barge operator transporting refined petroleum products and chemicals on inland waterways and coastwise routes. Highly comparable to OSG's ATB and product tanker operations across overlapping customer segments.
• Vane Brothers: Vane Brothers operates a Jones Act tug and barge fleet providing petroleum transportation along the U.S. East Coast and Gulf. Directly comparable to OSG in lightering, ATB operations, and serving refined petroleum product customers under similar time charter arrangements.
• International Seaways: International Seaways (NYSE: INSW) was spun off from OSG in 2016 and operates a global fleet of VLCC, Suezmax, Aframax, and MR crude and product tankers. While internationally focused rather than Jones Act, it shares DNA with OSG and is highly comparable in tanker business model, vessel types, and customer base.
• Moran Towing Corporation: Moran operates harbor tug and barge fleets along the U.S. East Coast and Gulf, including petroleum barge transportation. Comparable to OSG in U.S. coastwise petroleum logistics and Jones Act compliance, though smaller in crude tanker scale.

Broad incumbents

• Genesis Energy: Genesis Energy (NYSE: GEL) is a midstream energy company with marine transportation of crude oil and refined products as one segment, alongside pipeline and refinery services. Comparable to OSG in marine transportation of petroleum products but operates as a diversified midstream platform rather than pure-play Jones Act tanker specialist.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/OverseasShipholdingGroupInc
• LinkedInlinkedin.com/company/osg-ship-management
• Instagraminstagram.com/overseasshipholdinggroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Overseas Shipholding Group