Announcement • Jul 23
Overseas Shipholding Group, Inc. Files Form 15 Overseas Shipholding Group, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Class A Common Stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Class A Common Stock was $0.01 per share. Announcement • Jul 17
Overseas Shipholding Group to Delist from NYSE Saltchuk Resources, Inc. has successfully completed its previously reported tender offer to acquire all of the outstanding shares of common stock of US-based liquid bulk transportation services provider Overseas Shipholding Group, Inc. not already owned by Saltchuk for a purchase price of USD 8.50 per share in cash, an enterprise value of approximately USD 950 million, the group said. As a result of the completion of the transaction, prior to the opening of trading on the New York Stock Exchange on July 10, 2024, all shares of OSG common stock will cease trading, and the OSG shares will subsequently be delisted from NYSE and deregistered under the Securities Exchange Act of 1934, as amended. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €7.20, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 16x in the Oil and Gas industry in Germany. Total returns to shareholders of 296% over the past three years. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: US$0.20 (vs US$0.15 in 1Q 2023) First quarter 2024 results: EPS: US$0.20 (up from US$0.15 in 1Q 2023). Revenue: US$117.5m (up 3.3% from 1Q 2023). Net income: US$14.6m (up 21% from 1Q 2023). Profit margin: 13% (up from 11% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Announcement • May 05
Overseas Shipholding Group, Inc. to Report Q1, 2024 Results on May 10, 2024 Overseas Shipholding Group, Inc. announced that they will report Q1, 2024 results at 9:30 AM, US Eastern Standard Time on May 10, 2024 Announcement • Apr 24
Overseas Shipholding Group, Inc. Receives Federal Grant from United States Department of Energy to Design Marine Transport for Liquified CO2 Captured by Florida’s Larger Emitters Overseas Shipholding Group, Inc. announced that the Company has been awarded a $3,000,000 grant from the United States Department of Energy for the engineering and design of a new vessel that will transport liquified carbon dioxide (LCO2). The award will be used to develop the design of an articulated tug and barge unit (ATB) to be used to transport CO2 captured by emitters in the Greater Tampa Bay region and across the State of Florida to sequestration sites in the Gulf of Mexico. The new vessel grant provides further resources towards the development of a complete CO2 storage and transport solution for industrial emitters in Florida. This grant follows the Company’s announcement in December 2023 of an award by the Department of Energy of another grant for the development of OSG’s proposed Tampa Regional Intermodal Carbon Hub (T-RICH). The T-RICH grant funds a study led by OSG to develop an intermediate storage hub at Port Tampa Bay for captured CO2. T-RICH would initially receive, store, and process two million metric tons of CO2 per year and could be scaled in the future to meet expanded volumes of captured CO2. The ATB which is the focus of the current grant would provide a marine transport solution for captured CO2 aggregated at the T-RICH hub terminal in Tampa, to be shipped in liquified form to developed, approved sequestration sites in the northern Gulf of Mexico region. Upcoming Dividend • Mar 20
Upcoming dividend of US$0.06 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 11 April 2024. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (5.0%). Higher than average of industry peers (3.4%). Announcement • Mar 15
Overseas Shipholding Group Declares Cash Dividend, Payable on April 11, 2024 Overseas Shipholding Group, Inc. announced that its Board of Directors has declared a cash dividend of $0.06 per share on its Class A Common Stock. The dividend will be paid on April 11, 2024 to stockholders of record at the close of business on March 28, 2024. Reported Earnings • Mar 11
Full year 2023 earnings released: EPS: US$0.80 (vs US$0.30 in FY 2022) Full year 2023 results: EPS: US$0.80 (up from US$0.30 in FY 2022). Revenue: US$451.9m (down 3.2% from FY 2022). Net income: US$62.5m (up 135% from FY 2022). Profit margin: 14% (up from 5.7% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Mar 02
Overseas Shipholding Group, Inc. to Report Q4, 2023 Results on Mar 11, 2024 Overseas Shipholding Group, Inc. announced that they will report Q4, 2023 results Pre-Market on Mar 11, 2024 New Risk • Jan 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Significant insider selling over the past 3 months (€698k sold). Announcement • Jan 29
Overseas Shipholding Group Confirms Receipt of Unsolicited Indication of Interest Overseas Shipholding Group, Inc. (NYSE:OSG) confirmed that OSG’s Board of Directors received an unsolicited non-binding indication of interest from Saltchuk Resources, Inc. (“Saltchuk”) for the acquisition of all of the outstanding shares of the Company that Saltchuk does not already own for $6.25 per share in cash. OSG’s Board of Directors is committed to acting in the best interests of all stockholders. Consistent with its fiduciary duties, OSG’s Board of Directors will be carefully considering and evaluating, in consultation with its financial and legal advisors, this indication of interest in due course. OSG stockholders do not need to take any action at this time. OSG cautions its stockholders and others considering trading in its securities that it has just received Saltchuk's unsolicited indication of interest, and no decisions have been made by the Board of Directors with respect to the Company’s response to the indication of interest. There can be no assurance that any definitive proposal will be made or accepted, that any agreement will be executed or that any transaction will be consummated. The Company does not intend to comment further on the unsolicited indication of interest or any related matters until its Board of Directors has determined that disclosure is necessary or appropriate. Recent Insider Transactions • Jan 19
President recently sold €251k worth of stock On the 16th of January, Samuel Norton sold around 50k shares on-market at roughly €5.02 per share. This transaction amounted to 2.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Samuel has been a net seller over the last 12 months, reducing personal holdings by €1.3m. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €5.30, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 15x in the Oil and Gas industry in Germany. Total returns to shareholders of 203% over the past three years. Announcement • Dec 22
Overseas Shipholding Group Receives Federal Grant to Develop Captured Carbon Terminal At Port Tampa Bay Overseas Shipholding Group, Inc. announced that the Company has been awarded a $400,000 grant from the United States Department of Energy to study the development of its proposed Tampa Regional Intermodal Carbon Hub. The study is intended to evaluate the commercial feasibility of developing an intermediate storage hub at Port Tampa Bay for CO2 captured from industrial emitters across the State of Florida. T-RICH would receive, store, and process two million metric tons of CO2 per year, which would be transported by OSG vessels across the Gulf of Mexico for permanent underground storage. This storage and transport hub will be the first of its kind in the nation and could be scaled to meet expanded volumes of captured CO2. The DOE is encouraging the development of carbon capture and storage systems as part of the United States’ goal to reduce CO2 emissions to achieve net zero carbon by 2050. Carbon capture and storage systems are expected to provide up to 30% of that total carbon emission reduction. Creating this supply chain will connect Florida to the fast-maturing CO2 industry, will help improve air quality for all Florida residents, and would provide hundreds of new jobs involving innovative technology and infrastructure in Florida to support carbon capture, storage, and transport systems that OSG is promoting. Recent Insider Transactions • Dec 19
President recently sold €219k worth of stock On the 15th of December, Samuel Norton sold around 50k shares on-market at roughly €4.38 per share. This transaction amounted to 2.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €228k. Samuel has been a net seller over the last 12 months, reducing personal holdings by €1.0m. Announcement • Dec 07
Overseas Shipholding Group, Inc. Declares Cash Dividend on Class A Common Stock, Payable on January 4, 2024 Overseas Shipholding Group, Inc. announced that its Board of Directors has declared a cash dividend of $0.06 per share on its Class A Common Stock. The dividend – the first dividend declared by OSG since the spinoff of its international division in 2016 – will be paid on January 4, 2024 to stockholders of record at the close of business on December 21, 2023. Recent Insider Transactions • Nov 17
President recently sold €228k worth of stock On the 15th of November, Samuel Norton sold around 50k shares on-market at roughly €4.56 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €279k. Samuel has been a net seller over the last 12 months, reducing personal holdings by €830k. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: US$0.23 (vs US$0.15 in 3Q 2022) Third quarter 2023 results: EPS: US$0.23 (up from US$0.15 in 3Q 2022). Revenue: US$115.4m (down 6.2% from 3Q 2022). Net income: US$17.6m (up 33% from 3Q 2022). Profit margin: 15% (up from 11% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Board Change • Nov 10
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Director Elaine Luria was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.