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Entire OSG Aframax Fleet Now in Heidmar’s Sigma Tankers Pool
May 15, 2015
Overseas Shipholding Group (OSG) has now placed its entire Aframax fleet into Heidmar’s Sigma Tankers pool.
The New York-based owner, which this week filed to regain a public listing it lost in Chapter 11 bankruptcy proceedings, recently placed three more Aframaxes — the 112,000-dwt Overseas Shirley (built 2001), Overseas Portland (built 2002) and Overseas Redwood (built 2013) — with Heidmar.
The additions bring Heidmar’s largest pool to 40 vessels. The Norwalk, Connecticut-based operator says this is the world’s largest Aframax pool, including 18 participants and vessels with an average age of 6.5 years.
About a year ago, OSG placed the 112,000-dwt Overseas Josefa Camejo and Overseas Fran (both built 2001) and Overseas Yellowstone and Overseas Yosemite (both built 2009) into Sigma.
While still in bankruptcy, OSG announced in January 2014 that it was laying off most of its international management team as a cost-cutting measure. The owner flagged an intention to place ships in pools and brought in V.Ships to handle technical management.
OSG, formerly the largest US-based tanker owner, had once run its own pools, including Aframax International.
The company still has a fleet of 80 vessels, of which 56 are in its international fleet and the balance is Jones Act tonnage. It says 60% of its ships have charter coverage for this year, while the rest are exposed to the spot market.
OSG revealed plans to regain its New York Stock Exchange (NYSE) listing in an initial public offering (IPO) to be led by Goldman Sachs and Jefferies.
by Joe Brady, Stamford
08 May 2015