U.S. Flag Fleet Operations
OSG is a commercial owners and operators of Jones Act vessels. The Company’s U.S. Flag Fleet consists of 25 owned, operated and newbuild Handysize Product Carriers and ATBs. The acquisition of Maritrans Inc., gave OSG a presence in all United States trading routes, such as intra United States Gulf, United States Gulf to the East Coast, United States Gulf to the West Coast, the Alaskan North Slope trades and the Delaware Bay. The Company has extension options for the lives of the chartered-in vessels. As of December 31, 2010, OSG has time charters-out for 11 of these 12 vessels. OSG has a presence in the Alaskan North Slope trade through its 37.5% equity interest in Alaska Tanker Company, LLC (ATC), a joint venture that was formed among OSG, BP plc. (BP) and Keystone Shipping Company (Keystone) to support BP’s Alaskan crude oil transportation requirements. Certain of the Company’s vessels participate in the U.S. Maritime Security Program (the Program), which ensures that militarily useful U.S. Flag vessels are available to the United States Department of Defense in the event of war or national emergency. The Company competes with Frontline Ltd., BW Shipping Managers, Mitsui OSK Lines, Ltd., Nippon Yusen Kabushiki Kaisha, Malaysian International Shipping Corporation Berhad, Maran Tankers Management, Gemini Tankers, Stena Sonagol, Blue Fin Tankers pools, Dynacom Tankers Management, Ltd., Thenamaris Ships Management, Inc., OAO Sovcomflot, Teekay Corporation, General Maritime Corporation, Sigma Tankers Inc., Star Tankers Heidmar Inc., A/S Dampskibsselskabet Torm, Jacob-Scorpio Pool Management S.A.M., Glencore International AG, Handytankers K/S, Vitol Group, Trafigura, Navig8, Dorado Tankers Pool Inc., Seacor Holdings Inc., Crowley Maritime Corporation and U.S. Shipping Corp.
Read more about this topic: Overseas Shipholding Group
Famous quotes containing the words flag, fleet and/or operations:
“—Here, the flag snaps in the glare and silence
Of the unbroken ice. I stand here,
The dogs bark, my beard is black, and I stare
At the North Pole. . .
And now what? Why, go back.
Turn as I please, my step is to the south.”
—Randall Jarrell (1914–1965)
“On the middle of that quiet floor
sits a fleet of small black ships,
square-rigged, sails furled, motionless,
their spars like burned matchsticks.”
—Elizabeth Bishop (1911–1979)
“Plot, rules, nor even poetry, are not half so great beauties in tragedy or comedy as a just imitation of nature, of character, of the passions and their operations in diversified situations.”
—Horace Walpole (1717–1797)