Overseas Shipholding Group president M. Arntzen underlined the complementary advantages of the $455M Maritrans purchase
Overseas Shipholding Group (OSG) president Morten Arntzen underlined the complementary advantages of the $455M Maritrans purchase and revealed future US-flag growth prospects. On a conference call yesterday, Arntzen pointed out that Maritrans’ short-haul tug-barge business complements OSG’s longer-haul tanker trades. “Often, deals are done to put two companies together to cut expenses, but that is not what this transaction is all about,” Arntzen maintained. “By putting these two organisations together, we’re going to have a platform of scale that will be able to manage existing assets as well as the growth we’ve already committed to – but also, it will give us a much better platform to pursue other opportunities,” he explained. Target areas include expanding Maritrans’ lightering business and replacement tankers for the US military. “There is no question that the deepwater Gulf of Mexico Jones Act shuttle tanker business is a market we’ll pursue,” Arntzen affirmed. “This deal is not just about replacing ships scrapped under OPA ’90. It’s also about capitalising on the expected growth in US coastal trades.”