Overseas Shipholding Group Inc was incorporated in 1969. The Company is engaged in the ocean transportation of crude oil and petroleum products. The Company has established three business segments: International Crude Tankers, International Product Carriers and U.S. Flag Fleet Operations, which also refer to as U.S. Flag. As of December 31, 2015, the Company owned or operated a fleet of 79 vessels (totaling an aggregate of 7.4 million deadweight tons ("dwt") and 864,800 cubic meters ("cbm") of which 55 vessels operated in the International Flag market and 24 operated in the U.S. Flag market. The Company's vessel operations are organized into strategic business units and focused on broad market segments: International Flag, including crude oil and refined petroleum products, and U.S. Flag. The International Flag unit manages International Flag ULCC, VLCC, Suezmax, Aframax, Panamax and Lightering tankers and LR1 and MR product carriers. The U.S. Flag unit manages the Company's U.S. Flag vessels. Through joint venture partnerships, the Company operates four LNG carriers and two Floating Storage and Offloading (FSO) service vessels. Its customers include independent and state-owned oil companies, oil traders, refinery operators and U.S. and international government entities. The Company's competitors include Nova Tankers pool, Frontline Ltd., BW Shipping Managers, Mitsui OSK Lines, Ltd., Nippon Yusen Kabushiki Kaisha, Malaysian International Shipping Corporation Berhad and Maran Tankers Management. The Company is subject to international conventions and international, national, state and local laws and regulations in force in the countries in which its vessels operates or are registered.
Benzinga is a fast-growing, dynamic and innovative financial media outlet that empowers investors with high-quality, unique content.