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Overseas Shipholding Group (OSG)

Overseas Shipholding Group (OSG)

Industry: 
Energy, Shipping
Value of USG Contracts: 
21
Symbol: 
NYSE:OSG
States: 
FL
NY
PA
TX
Country: 
USA
Contact Information: 
Sources: 

"Zurich Insurance Group AG (ZURN) is among companies being questioned by New York’s insurance regulator in a widening probe into compliance with an Iran sanctions law, according to a person familiar with the matter. The state Department of Financial Services is asking insurers to explain their policies and procedures to avoid violations of the Iran Freedom and Counter-Proliferation Act of 2012, according to the person. The act took effect July 1. ‘The resulting sanctions could jeopardize the ability of any involved insurer to conduct business in the United States,’ the department said in a letter to the insurers obtained by Bloomberg News. ‘Recently, the Department learned that several companies have insured trades made with Iran.’ The regulator, led by Superintendent Benjamin Lawsky, contacted a group of insurers in June about compliance with the law. That group included Swiss Reinsurance Co. (SREN) and Lloyd’s of London. Besides Zurich, other companies contacted in the newest letter are American International Overseas Ltd., AXA Global Risks, and St. Paul Reinsurance Co. Ltd." (Bloomberg, Zurich Among Insurers Said to Be Probed in Expanded N.Y. Inquiry, 7/24/13)

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"OSG, based in New York, said Feb. 10 that the pool of 45 supertankers from seven owners in which its carriers trade will no longer go to Iran... Four OSG-owned ships, managed by Tankers International LLC, called at the country's biggest crude-export terminal in the past year, ship tracking data compiled by Bloomberg show...OSG's Overseas Rosalyn, which can carry about 2 million barrels, arrived at Kharg Island on Jan.27 and departed the next day, tracking data compiled by Bloomberg show.  It left abour 16 feet deeper in the water, an indication it loaded cargo...OSG complies with all U.S and European laws and its headquarters in New York doesn't manage charters, OSG Chief Executive Officer Morten Arntzen said in an email Jan. 30."  (Bloomberg, "Iran Sanctions Tighten as OSG to Frontline Halt Crude Cargo," 2/13/12 )

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OSG is "the second largest publicly traded oil tanker company in the world, measured by number of vessels." (Company website. "Corporate Profile")

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"According to marine transport site, Equasis, ships owned by US shipping company, Overseas Shipholding Group Inc. (NYSE: OSG), partly owned [by] Oudi Recanati and Ariel Recanati, have docked in Iran. An examination of Equasis's website found that OSG oil tanker Overseas Tanabe docked at Khark in Iran in September 2009. The ship flies under the Marshall Islands flag." (Globes. "Recanti's OSG ships also docked in Iran," 6/1/11)

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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror, Removed from the internet in July of 2007)

Response: 

No response at this time.