Overseas Shipholding Group is now a wholly-owned subsidiary of Seattle-based Saltchuk Resources, Inc.
Saltchuk announced July 10 that it has completed the acquisition of Florida-based OSG for about $950 million, making the provider of liquid bulk transportation services for crude oil and petroleum Saltchuk’s seventh business unit.
“With OSG, Saltchuk now numbers more than 8,500 people,” Saltchuk Chairman Mark Tabbutt said. “As with our other businesses, OSG will remain standalone and independently managed. We look forward to working alongside the OSG team as we move forward together.”
OSG’s presence under the Saltchuk umbrella adds energy shipping to the company’s business portfolio, which includes air cargo, energy distribution, domestic and global shipping, logistics and marine services, Saltchuk said.
OSG’s President and Chief Executive Officer Sam Norton cheered the transaction with Saltchuk, calling it “a significant development” in the company’s long history.
“Leadership at both of our companies sees the value of having our business lie within the Saltchuk family of companies, an organization committed to sustaining the important role of the domestic maritime industry within the USA,” Norton said. “The entire team at OSG looks forward to our future together.”
