Overseas Shipholding Group (OSG) has registered for an initial public offering and a re-listing of its shares on the New York Stock Exchange.
Once considered a ‘blue chip’ name, OSG was delisted from NYSE in the wake of its November 2012 bankruptcy filing. The restructured entity emerged from Chapter 11 bankruptcy in August 2014. OSG’s Class B shares have been traded on NYSE MKT exchange since October 2014. OSG’s Class A shares are not currently listed.
The IPO, which is being underwritten by Goldman Sachs and Jefferies, seeks to sell a yet-to-be-determined number of OSG’s Class A common shares, which would be listed on NYSE under the ticker symbol ‘OSG’. Proceeds would be used for general corporate purposes, including “the further expansion and renewal of our existing fleet”.
OSG currently owns 80 vessels. It owns 14 MR tankers and 10 articulated tug barges in the Jones Act US coastwise sector. It has 56 vessels in its international fleet, including VLCCs, Aframaxes and Panamaxes in the crude sector; LR1, LR2 and MR product tankers; and joint ventures with interests in two FSOs and four LNG carriers.
The company said in its prospectus that it aims to “become a leader in the consolidation of the tanker industry”.
“Given the fragmented nature of the international tanker industry, we believe we have an opportunity to complement the renewal and expansion of our fleet through selective transactions that will allow us to consolidate smaller owners into a larger and more efficient enterprise,” said OSG.