Overseas Shipholding Group

Insiders are Buying Overseas Shipholding Group Inc. NYSE:OSG | The ...

Overseas Shipholding Group Inc. NYSE:OSG has seen a flurry of insider buying with 5 insiders making significant purchases since June 3.

CEO Morten Arntzen bought about $105,000 worth of shares on June 15 after previously buying about $84,000 on June 8.

Overseas Shipholding Group, Inc. (OSG) is a bulk shipping company engaged in the ocean transportation of crude oil and petroleum products. During the year ended December 31, 2009, the Company owned or operated a fleet of 106 vessels (aggregating 10.9 million deadweight tons and 864,800 cubic meters), of which 84 vessels operated in the international market and 22 operated in the United States Flag market. OSG’s newbuilding program of owned and chartered-in vessels totaled 23 international and United States Flag vessels, bringing the Company’s total operating and newbuild fleet to 129 vessels. OSG’s vessel operations are organized into business units and focused on market segments each serve: crude oil, refined petroleum products, United States Flag vessels and gas. The International Flag Crude Tanker unit manages International Flag ultra large crude carrier (ULCC), very large crude carrier (VLCC), Suezmax, Aframax and Panamax tankers; the International Flag Product Carrier unit manages Panamax and Handysize Product Carriers; the United States Flag unit manages United States Flag vessels, and the Gas unit had four liquefied natural gas (LNG) carriers under management, as of December 31, 2009.

In December 2009, Overseas Shipholding Group, Inc. announced that its wholly owned subsidiary OSG Bulk Ships, Inc. acquired the remaining interest in OSG America L.P. As of July 29, 2009, OSG and its affiliates held approximately 77.1% of the outstanding equity of OSG America L.P. OSG’s customers include independent and state-owned oil companies, oil traders, and United Sates and international government entities.

International Fleet Operations

Tankers International was formed by OSG and other tanker companies in order to pool the commercial operation of their modern VLCC fleets. As of December 31, 2009, Tankers International had eight participants and managed a fleet of 40 VLCC’s and ULCC’s that trade throughout the world, including all 19 of the Company’s ULCC and VLCC owned and chartered-in vessels. As of December 31, 2009, Suezmax International managed a fleet of six Suezmaxes, including all three of the Company’s owned and chartered-in vessels. As of December 31, 2009, there were eight participants in Aframax International and the pool commercially managed 48 vessels, including 20 of the Company’s owned and chartered-in vessels. Aframax International’s vessels generally trade in the Atlantic Basin, North Sea and the Mediterranean. Panamax International provides the commercial management of the Panamax fleets of its three participants. As of December 31, 2009, Panamax International managed a fleet of 27 modern Panamaxes, which includes six of the Company’s crude Panamaxes and two of its Panamax Product Carriers, as well as three crude Panamaxes that are time chartered to one of the pool partners.

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