Overseas Shipholding Group was a leading U.S.-flag liquid bulk shipping operator serving crude oil, refined products, renewable fuels, and government customers through a Jones Act-compliant fleet. Its value rested on protected domestic cabotage routes, high safety standards, contractual revenue visibility, and specialized Alaska and Delaware Bay operations. In July 2024, Saltchuk acquired OSG for $8.50 per share, taking the maritime business private. The current public “OSG” ticker now belongs to Octave Specialty Group, an unrelated insurance platform.

Overseas Shipholding Group Inc (OSG) Investment Analysis

1. Executive Summary:

Overseas Shipholding Group, Inc. (OSG) is a premier energy transportation enterprise specializing in the ocean-going liquid bulk transit of crude oil, refined petroleum products, and renewable fuels.[1, 2, 3] The company's operations are strategically centered on the United States Flag market, where it manages a highly specialized fleet of double-hulled vessels, including Suezmax crude oil tankers, conventional and lightering articulated tug-barges (ATBs), shuttle tankers, and conventional Medium Range (MR) product carriers.[1, 3, 4] Standalone operations generate revenue primarily by chartering these assets to major global energy companies, independent oil traders, domestic refineries, and federal government entities under bareboat, time, and voyage charter agreements, in addition to earning fees from specialized lightering operations in the Delaware Bay.[5, 6, 7, 8]

On July 10, 2024, OSG completed a merger transaction through which it was acquired by Saltchuk Resources, Inc. for a cash purchase price of $8.50 per share, representing an enterprise value of approximately $950 million and an equity value of $611.5 million.[1, 9, 10] Following this transaction, OSG transitioned to a private, wholly owned standalone subsidiary of Saltchuk, and its shares were delisted from the New York Stock Exchange.[1, 11] Consequently, public equity markets experienced a structural ticker reassignment: in November 2025, Ambac Financial Group, Inc. changed its name to Octave Specialty Group, Inc. and adopted the "OSG" ticker symbol.[12, 13] This report carefully distinguishes the historical maritime operations of the original shipping enterprise from the unrelated specialty insurance platform currently trading under the "OSG" ticker.[12, 13]

The primary customers of OSG's shipping business are major domestic and international energy producers (such as BP) and U.S. government agencies (such as the Military Sealift Command).[7, 14, 15] Its most critical end markets include the transportation of Alaska North Slope crude oil to West Coast refineries, the coastwise movement of refined products within the U.S. Gulf, and the delivery of fuels to the East Coast.[4] Customers select OSG over alternative providers due to its extensive compliance with the Merchant Marine Act of 1920 (commonly known as the Jones Act), its robust fleet redundancy and scale, and its exceptional track record in safety and environmental compliance.[4, 16, 17]

2. Business Drivers & Strategic Overview:

The financial baseline of the liquid bulk maritime transport model is driven by standard operational variables, notably daily charter rates, fleet capacity, active vessel utilization, and the optimization of drydocking and maintenance schedules.[6, 8, 14] The primary metric of performance is the Time Charter Equivalent (TCE) rate, which standardizes shipping revenue by subtracting voyage-specific expenses (such as bunker fuel and port charges) from gross revenues, divided by the number of active revenue days.[7, 8] Long-term time charters provide highly predictable, recurring cash flows, whereas spot voyage charters expose the operator to volatile, short-term market dynamics.[6]

OSG's strategic growth initiatives focus on fleet optimization and targeted capital investments.[14] In November 2023, the company purchased the Alaskan Frontier—a cold-layup sister ship to its active Alaskan tankers—for $20.0 million.[7, 14] The strategic objective is to invest heavily in engine upgrades to comply with modern Engine Power Limitation (EPL) regulations and prepare the vessel for potential methanol-fuel compatibility, with the goal of returning the vessel to active commercial trade.[2, 7, 14] In addition, the company has expanded its environmental services footprint via its subsidiary, Aptamus Carbon Solutions LLC, which was awarded federal grants to design and develop temporary storage, liquefaction processing, and maritime transport terminals for carbon capture, utilization, and storage (CCUS).[2, 18]

The company's core competitive advantage is anchored in the legal framework of the Jones Act, which dictates that all vessels transporting cargo between contiguous domestic ports must be built in the United States, owned by U.S. citizens (with a minimum of 75% domestic equity control), and manned entirely by U.S. citizen crews.[4, 19] This regulation acts as an absolute barrier to entry due to the prohibitive capital requirements of domestic ship construction.[20, 21]

Constructing a medium-range tanker in a domestic shipyard costs approximately $190 million more than building the same vessel in a leading Asian shipyard, while a crude oil tanker costs upwards of $400 million more.[21] Furthermore, domestic vessel operating costs run $8 million to $10 million higher annually per vessel.[21] Consequently, the global supply of Jones Act-compliant tankers is limited to just 54 vessels, creating a highly consolidated oligopoly that insulates OSG from international shipping gluts.[21]

U.S. Flag Cabotage Moat Structure
+-----------------------------------------------------------------+
|                         THE JONES ACT                           |
+-------------------------------+---------------------------------+
                                |
       +------------------------+------------------------+
       |                                                 |
v------v------v                                   v------v------v
|  U.S. Built |                                   | U.S. Crewed |
| (CapEx Moat |                                   | (OpEx Moat  |
| 3x-5x Cost) |                                   | $8M-$10M/Yr)|
+------+------+                                   +------+------+
       |                                                 |
       +------------------------+------------------------+
                                |
                                v
                +---------------+---------------+
                | HIGH REGULATORY BARRIER       |
                | (Limited Competitor Supply)   |
                +-------------------------------+

The competitive landscape is characterized by high consolidation.[22] Major competitors include Kirby Corporation, Kinder Morgan (operating through its American Petroleum Tankers subsidiary), and Fairwater Holdings—a massive joint venture formed in late 2023 through the combination of Crowley Maritime and Seacor's coastal tanker and barge fleets.[22] Despite intense competition from these well-capitalized players, OSG maintains a highly secure market position within the Alaska North Slope crude transport corridor through its 100% ownership of the Alaska Tanker Company (ATC), preserving a durable share of the domestic energy transportation value chain.[15, 17]

The total addressable market (TAM) for domestic energy transportation is structurally bounded by the size of the domestic liquid fuel market and U.S. cabotage requirements.[4, 23] Waterborne transit represents approximately 3.9% of domestic U.S. freight, compared to 28% in the European Union, illustrating the untapped potential of coastal maritime shipping routes.[24] However, this market expands dynamically during periods when high international tanker charter rates make domestic shipping comparably priced, prompting domestic refiners to substitute expensive foreign imports with domestic crude.[14, 25]

3. Financial Performance & Valuation:

To analyze the financial position of OSG, it is necessary to examine its final reported results as a public company, which concluded with the first quarter of fiscal year 2024, announced on May 10, 2024.[8, 18] During this quarter, OSG delivered strong operating performance, capitalizing on elevated international charter rates that indirectly stimulated domestic Jones Act demand.[14] Since July 10, 2024, the company has operated as a privately held subsidiary of Saltchuk and does not file independent quarterly or annual reports with the SEC.[11]

In its Q1 2024 results, shipping revenues rose to $117.5 million, marking a 3.3% increase compared to the $113.8 million recorded in Q1 2023.[8] The operational performance was characterized by a surge in profitability, with net income reaching $14.6 million, or $0.19 per diluted share, up 35.7% from $12.1 million, or $0.14 per share, in the prior year's quarter.[8, 14] Adjusted EBITDA rose 7.3% to $43.9 million from $40.9 million, driven by higher average daily rates across the fleet, increased lightering volumes in the Delaware Bay, and reduced repair off-hire days.[8] Operating income for the quarter reached $23.5 million, up from $22.5 million in Q1 2023.[8]

Financial Metric (Q1)	Q1 2024 (USD Thousands)	Q1 2023 (USD Thousands)	Year-over-Year Change
Shipping Revenues	$117,497	$113,791	+3.26% [8]
Time Charter Equivalent (TCE)	$110,100	$104,100	+5.76% [8]
Vessel Operating Expenses	$42,038	$42,571	-1.25% [8]
General & Administrative	$10,354	$7,843	+32.02% [8]
Operating Income	$23,488	$22,536	+4.22% [8]
Net Income	$14,641	$12,139	+20.61% [8]
Adjusted EBITDA	$43,900	$40,900	+7.33% [8]

The Q1 2024 results exceeded consensus analyst expectations, particularly on the earnings line, where diluted EPS of $0.19 beat estimates and demonstrated strong operating leverage.[14] At the time of the announcement, management maintained a positive outlook, highlighting that 96% of the fleet's available operating days for the remainder of 2024 were already contracted, shielding the company from spot-market fluctuations and guaranteeing high revenue visibility.[14]

Executive commentary during the Q1 2024 materials focused heavily on favorable international shipping disruptions.[14] Management observed that geopolitical tensions in the Red Sea, Persian Gulf, and the ongoing war in Ukraine kept global freight rates near historical highs.[14] This strength indirectly benefited domestic operators because high international transport costs constrained foreign import substitution, encouraging domestic refineries to utilize coastwise tankers.[14] The positive earnings trend supported the stock price, which traded at approximately $4.00 in early 2023 and rose past $6.00 in January 2024, before solidifying at the cash tender price of $8.50 per share upon the close of the transaction with Saltchuk.[5, 11]

Historically, OSG's revenue growth has exhibited a moderate downward trend, posting a 5-year sales decline from $496 million in FY 2019 to $451.9 million in FY 2023, representing a CAGR of -2.3%.[26] This contraction reflects a deliberate strategy of fleet optimization, characterized by the exit of unprofitable international activities and the redelivery of chartered vessels.[7, 27] The value of the business lies in its cash-generation efficiency; despite fewer vessels, Adjusted EBITDA rose from $142.8 million in FY 2022 to $175.7 million in FY 2023 due to rate escalation.[7, 28] The transaction enterprise value of $950 million represented a trailing multiple of approximately 5.4x FY 2023 Adjusted EBITDA, highlighting the conservative asset valuation typical of cyclical shipping operators, adjusted upward for the regulatory protections of the Jones Act.[1, 7, 9]

4. Risk Assessment & Macroeconomic Considerations:

Operating within the U.S. Flag maritime shipping sector exposes an organization to several structural, regulatory, and operational risks.[29, 30] These factors can be categorized into short-term execution challenges and long-term existential threats.

• Company-Specific Execution Risks:
  Integrating cold-layup vessels into active commercial service, such as the drydocking and reactivation of the Alaskan Frontier, presents substantial execution risk.[7, 14] These projects are prone to capital expenditure overruns, labor shortages, and technical delays.[14] Furthermore, the company faces constant capital allocation choices regarding environmental compliance, such as retrofitting existing vessels with power limiters and marine scrubbers to meet strict international carbon intensity indicators.[2, 31]
• Competitive & Industry Structure Risks:
  The consolidation of competitors through transactions like the Crowley-Seacor merger into Fairwater Holdings poses a significant threat.[22] This creates highly scaled operators with superior logistics networks, which could put downward pressure on charter rates during contract renewals.[22] The shipping industry remains fundamentally cyclical, prone to periodic oversupply of vessels if multiple operators commission new builds simultaneously.[29]
• Customer Concentration & Demand Risks:
  A high degree of customer concentration is a persistent risk, with a small number of oil majors (such as BP) accounting for a dominant share of revenues.[15, 32] A decision by a single major customer to alter its supply chains, reduce refining capacity, or utilize pipelines rather than coastwise tankers would severely impact vessel utilization and charter day rates.[33, 34]
• Regulatory & Legal Risks:
  The most critical threat to the business model is the vulnerability of the Jones Act to legislative reform, permanent amendments, or temporary executive waivers.[1, 21] During periods of rising energy prices, policymakers face pressure to issue temporary waivers to permit foreign-flagged, low-cost international tankers into domestic routes.[21, 25] While international tankers operate at average daily costs of $8,952, domestic Jones Act vessels command daily rates between $86,000 and $91,000.[24] Broad or frequent waivers would immediately collapse domestic rate pricing.[21]
• Macroeconomic Sensitivities:
  The company is sensitive to movements in the Secured Overnight Financing Rate (SOFR), which dictates the cost of its floating-rate debt, and volatile marine bunker fuel prices, which impact voyage charter profitability.[7, 33] Additionally, changes in domestic crude spreads can diminish the economic feasibility of shipping crude oil from Texas or Alaska to East and West Coast refineries.[4, 21]

Risk Horizon Classification
+-----------------------------------------------------------------------------+
|                               RISK HORIZON                                  |
+---------------------+-------------------------------+-----------------------+
                      |                               |
        +-------------+-------------+   +-------------+-------------+
        |                           |   |                           |
v-------v-------v           v-------v---v---v               v-------v-------v
|What Could Go  |           |Early Warning  |               |Most Damaging  |
|Wrong:         |           |Signs:         |               |Long-Term Event|
|Temporary      |           |Widening rate  |               |Full repeal or |
|Jones Act      |           |spreads or     |               |significant    |
|waivers under  |           |increased      |               |weakening of   |
|political/     |           |refinery       |               |the Jones Act  |
|macro pressures|           |maintenance    |               |of 1920        |
+---------------+           +---------------+               +---------------+

5. 5-Year Scenario Analysis:

The following scenario analysis models the standalone equity value and implied share price of OSG's shipping business over a five-year horizon (2026 to 2031). This model uses the final public share price of $8.50 (equity value of $611.5 million) as the baseline current share price.[1, 9, 10]

• Base Case (55% Probability):
  This scenario assumes stable domestic maritime trade, with the Alaskan Frontier successfully reactivated and contributing to revenue by late 2026.[7, 14] Standard Jones Act charter rates are assumed to grow at a modest 2.5% CAGR, reflecting stable demand.[14] Standalone revenue rises from $451.9 million in FY 2023 to $511.4 million in Year 5.[7] The operating margin (EBITDA margin) is assumed to stabilize at 38.0%, yielding an EBITDA of $194.3 million.[7, 14] Applying a standard exit multiple of 5.5x EBITDA yields an enterprise value of $1,068.7 million.[7, 9] Assuming steady de-leveraging from standalone cash generation, net debt is modeled to fall to $80.0 million, resulting in an implied equity value of $988.7 million.[8, 35] Distributed over the last reported share count of 71.72 million, the implied future share price is $13.79, generating an annualized return of 10.2%.[35]
• High Case (25% Probability):
  This scenario assumes sustained high international freight rates that drive domestic cargo demand, combined with rapid commercial success in the Aptamus Carbon Solutions CCUS terminal business.[2, 14, 18] Standalone revenue grows at a 6.0% CAGR, reaching $604.8 million by Year 5.[2, 7] EBITDA margins expand to 41.0% due to premium pricing on specialized liquid CO2 transportation, yielding an EBITDA of $248.0 million.[2, 7] An expanded exit multiple of 6.5x reflects the high-barrier environmental asset class, pushing enterprise value to $1,612.0 million.[7, 9] Net debt is aggressively reduced to $50.0 million, implying an equity value of $1,562.0 million, or $21.78 per share, yielding an annualized return of 20.7%.[35]
• Low Case (20% Probability):
  This scenario models a downturn marked by economic recession, a decline in domestic refinery throughput, and political pressure that results in temporary Jones Act waivers.[21, 25] Revenue declines at a -2.0% CAGR to $408.5 million.[7] High drydocking costs and inflationary pressure on domestic U.S. crews drag EBITDA margins down to 33.0%, resulting in an EBITDA of $134.8 million.[7, 21] Multiple compression to 4.5x yields an enterprise value of $606.6 million.[7, 9] Reduced cash generation leaves net debt elevated at $250.0 million.[8, 35] The resulting implied equity value is $356.6 million, or $4.97 per share, representing an annualized return of -10.3%.[35]

Scenario Matrix

Scenario	Revenue / key scale metric in Year 5 (USD)	Margin / earnings assumption (EBITDA Margin)	Valuation multiple assumption (EV/EBITDA)	Current share price (USD)	Implied future share price (USD)	5-year total return	Annualized return	Probability
High Case	$604.8 Million	41.0%	6.5x	$8.50	$21.78	156.24%	20.71%	25.0%
Base Case	$511.4 Million	38.0%	5.5x	$8.50	$13.79	62.24%	10.16%	55.0%
Low Case	$408.5 Million	33.0%	4.5x	$8.50	$4.97	-41.53%	-10.25%	20.0%

Evaluating these parameters yields a probability-weighted price target of $14.02 USD for the standalone shipping enterprise, indicating that the business exhibits solid long-term value.

REGULATED CASH GENERATOR

6. Qualitative Scorecard:

The following qualitative scorecard rates the standalone shipping business of OSG across ten core strategic, operational, and financial dimensions.

• Management Alignment (8/10):
  Management incentives were closely aligned with equity performance, as demonstrated during the privatization process.[36] Executive officers, including CEO Samuel Norton, held significant equity stakes, which were fully realized in the cash tender transaction.[36, 37]
• Revenue Quality (8/10):
  Revenue visibility is exceptionally high, with 96% of available operational days secured under long-term time charters as of Q1 2024.[14] However, the score is tempered by high customer concentration, with a significant share of revenue derived from a few oil majors.[15, 32]
• Market Position (9/10):
  OSG maintains an exceptionally strong market position.[4] It is one of the largest commercial owners of Jones Act vessels and operates a virtual monopoly in the Alaskan North Slope crude shuttle tanker corridor through its 100% ownership of the Alaska Tanker Company.[4, 15, 17]
• Growth Outlook (5/10):
  Organic growth is structurally capped by the strict limits of the domestic Jones Act market and the high CapEx required for new vessel construction.[20, 21] Standalone growth relies on incremental upgrades (such as reactivating the Alaskan Frontier) or emerging adjacent areas like CCUS terminal logistics.[2, 14, 18]
• Financial Health (7/10):
  While the company historically carried significant leverage (~$394.4 million in total debt and $193.0 million in lease liabilities as of Q1 2024), its strong annual EBITDA generation of over $175 million and cash reserves of $97.2 million provide adequate solvency protection.[8, 14, 35]
• Business Viability (9/10):
  The durability of the business is outstanding, protected by the Jones Act of 1920.[4] This regulatory barrier prevents foreign maritime operators from undercutting domestic freight operations, ensuring long-term commercial viability.[21]
• Capital Allocation (8/10):
  Prior to privatization, capital allocation was highly disciplined.[7] The board returned cash to shareholders via dividends ($0.06 quarterly) [7], reduced outstanding common shares by 9.4% through buybacks in 2023 [7], and opportunistically bought back debt and warrants.[7, 38]
• Analyst Sentiment (6/10):
  Historically, sell-side analysts viewed OSG as a high-quality cash-flow play.[5] Note that the current "OSG" ticker on public boards represents Octave Specialty Group, which receives positive analyst ratings due to its insurance platform, but this sentiment is distinct from the shipping entity's status.[12, 39]
• Profitability (8/10):
  Operating margins are strong, with an Adjusted EBITDA margin near 38% and a high return on assets compared to global shipping peers, driven by the tariff premiums achieved in the protected domestic cabotage market.[7, 14, 24]
• Track Record (8/10):
  Following its historical corporate restructuring, the company established a solid track record of balance sheet deleveraging, operational execution, and shareholder value creation, culminating in a successful cash exit.[1, 11, 31]

Blended Score: 7.6 / 10

FORTIFIED REGULATORY CHAMPION

7. Conclusion & Investment Thesis:

The core investment thesis for Overseas Shipholding Group is built on its status as a regulatory-shielded oligopolist.[4, 21] While international maritime shipping is highly cyclical and vulnerable to foreign competition, the domestic U.S. Flag market is protected by the Jones Act.[4, 21] This law creates an enduring economic moat, making it economically unfeasible for new players to enter the market due to the high cost of domestic shipbuilding.[20, 21]

Historically, OSG capitalized on this regulatory advantage by securing highly visible cash flows through multi-year time charters, optimizing its fleet through the purchase of the Alaska Tanker Company, and expanding into transition energy markets such as CCUS transport.[2, 15, 18] Its operational execution, highlighted by the reactivation of the Alaskan Frontier and strong Q1 2024 earnings, validated the cash-generative power of its asset base.[8, 14]

Ultimately, this value was realized through privatization.[11] Saltchuk Resources' acquisition of OSG at $8.50 per share in July 2024 confirmed that the company's asset value, strong contractual backlog, and regulatory moat command a premium.[1, 11] For private capital, the standalone shipping business remains a resilient, cash-generating platform insulated from international geopolitical volatility.[1, 14]

UNASSAILABLE MARITIME BARRICADE

8. Technical Analysis, Price Action & Short-Term Outlook:

Because Overseas Shipholding Group, Inc. was acquired by Saltchuk Resources, Inc. on July 10, 2024, its common stock ceased public trading, was delisted from the NYSE, and its warrants were terminated.[11] Consequently, public equity technical indicators, such as the 200-day moving average and short-term price charts, are no longer applicable to the maritime entity.[11] Investors analyzing the active "OSG" ticker symbol on public exchanges are reviewing Octave Specialty Group, Inc., a specialty insurance firm whose recent upward momentum is driven by its core insurance distribution business rather than maritime shipping.[12, 13]

PRIVATELY HELD SUBSIDIARY

---

1. Saltchuk Welcomes Overseas Shipholding Group to Its Family of Companies, https://www.saltchuk.com/saltchuk-welcomes-overseas-shipholding-group-to-its-family-of-companies/
2. Saltchuk completes $950 million OSG acquisition - Seatrade Maritime News, https://www.seatrade-maritime.com/tankers/saltchuk-completes-950-million-osg-acquisition
3. FORM 10-K FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One), https://veritaglobal.net/documents/1220000/1220000140502000000000017.pdf
4. US Flag - Overseas Shipholding Group, Inc., https://www.osg.com/industry/us-flag/
5. OSG being acquired by Saltchuk - Seatrade Maritime News, https://www.seatrade-maritime.com/tankers/osg-being-acquired-by-saltchuk
6. 10-K - SEC.gov, https://www.sec.gov/Archives/edgar/data/75208/000114420414015316/v369051_10k.htm
7. Overseas Shipholding Group Reports Fourth Quarter and Full Year 2023 Results, https://www.osg.com/overseas-shipholding-group-reports-fourth-quarter-and-full-year-2023-results/
8. Overseas Shipholding Group Reports First Quarter 2024 Results, https://www.osg.com/overseas-shipholding-group-reports-first-quarter-2024-results/
9. Overseas Shipholding Group Enters Into a Definitive Agreement to Be Acquired by Saltchuk Resources, Inc., https://www.saltchuk.com/overseas-shipholding-group-enters-into-a-definitive-agreement-to-be-acquired-by-saltchuk-resources-inc/
10. Overseas Shipholding Group Stock Price Today | NYSE: OSG_OLD Live - Investing.com, https://www.investing.com/equities/overseas-shipholding-group
11. Acquisition of OSG - Overseas Shipholding Group, Inc., https://www.osg.com/acquisition-of-osg/
12. OSG Stock Price, News & Analysis | Octave Specialty Group, https://www.stocktitan.net/overview/OSG/
13. Overseas Shipholding Group, Inc. OSG · Stock - AllInvestView, https://www.allinvestview.com/dashboard/stock/OSG/
14. Overseas Shipholding Group, Inc. (OSG) Q1 2024 Earnings Call Transcript | Seeking Alpha, https://seekingalpha.com/article/4692004-overseas-shipholding-group-inc-osg-q1-2024-earnings-call-transcript
15. Overseas Shipholding Group, Inc. Announces Purchase of Three Vessels; Acquisition of Alaska Tanker Company, LLC, https://www.osg.com/overseas-shipholding-group-inc-announces-purchase-of-three-vessels-acquisition-of-alaska-tanker-company-llc/
16. Alaska-class oil tanker - Grokipedia, https://grokipedia.com/page/alaska_class_oil_tanker
17. Background - Alaska Tanker Company, https://www.aktanker.com/background
18. Press Releases - Overseas Shipholding Group, Inc., https://www.osg.com/press-releases/
19. Overseas Shipholding Group, Inc. - SEC.gov, https://www.sec.gov/Archives/edgar/data/75208/000104746915004348/a2224553zs-1.htm
20. 60 Minutes on US Shipbuilding and the Jones Act | Cato at Liberty Blog, https://www.cato.org/blog/60-minutes-us-shipbuilding-jones-act
21. Jones Act Waiver Talk Highlights the Law's Costs | Cato at Liberty Blog, https://www.cato.org/blog/jones-act-waiver-talk-highlights-law-costs
22. Crowley and Seacor merging coastal tanker and barge fleets in Jones Act joint venture, https://www.seatrade-maritime.com/tankers/crowley-and-seacor-merging-coastal-tanker-and-barge-fleets-in-jones-act-joint-venture
23. Keeping Up with the Jones Act Has a Protectionist Law Outlived its Usefulness?, https://comptroller.texas.gov/economy/fiscal-notes/archive/2016/january/jones.php
24. Jones Act Index - Balsa Research, https://www.balsaresearch.com/jones-act-index
25. Jones Act Waiver Analysis Shows No Military Impact, Says Navegistics - IndexBox, https://www.indexbox.io/blog/jones-act-waiver-analysis-shows-no-military-impact-says-navegistics/
26. Overseas Shipholding Group (OSG) Share Price Today - Value Research, https://www.valueresearchonline.com/stocks/290778/overseas-shipholding-group-osg/
27. Overseas Shipholding Group - Wikipedia, https://en.wikipedia.org/wiki/Overseas_Shipholding_Group
28. Overseas Shipholding Group Reports Fourth Quarter and Full Year 2022 Results, https://www.osg.com/overseas-shipholding-group-reports-fourth-quarter-and-full-year-2022-results/
29. 10-K - SEC.gov, https://www.sec.gov/Archives/edgar/data/1679049/000114420419013398/tv511411_10k.htm
30. OVERSEAS SHIPHOLDING GROUP INC (Form: 10-K, Received: 03/16/2015 17:03:34) - EDGAR Online, https://content.edgar-online.com/ExternalLink/EDGAR/0001144204-15-016383.html?hash=a08d5b2459a840507dbc2be13d257ec015e9fb42865dc7a086f1ca303fa17f1e&dest=V403059_EX10-22_HTM
31. 2023 ANNUAL REPORT - Ardmore Shipping, https://ardmoreshipping.investorroom.com/download/Ardmore+Shipping+Annual+Report+2023.pdf
32. 2023 10-K Annual Statements – Corporate Cliffs Notes - DLS Marine, https://dlsmarine.com/2023-10-k-annual-statements-corporate-cliffs-notes/
33. DHT Holdings (NYSE: DHT) details tanker market, debt covenants and geopolitical risks, https://www.stocktitan.net/sec-filings/DHT/20-f-dht-holdings-inc-files-annual-report-foreign-issuer-b401ad3a3243.html
34. Trump Waives Jones Act for 60 Days—Shipping Interests Say It Won't Help Lower Gas Prices - gCaptain, https://gcaptain.com/trump-waives-jones-act-for-60-days-shipping-interests-say-it-wont-help-lower-gas-prices/
35. Financials - Overseas Shipholding Group, Inc. - OSG Ship Management, Inc., https://www.osg.com/acquisition-of-osg/financials/
36. Overseas Shipholding Group Inc. (NYSE: OSG) Stock Information | RedChip, https://www.redchip.com/stocks/OSG
37. Executive Officers - Overseas Shipholding Group, Inc. - OSG Ship Management, Inc., https://www.osg.com/about-osg/executive-officers/
38. Overseas Shipholding Group Announces Off-Market Warrant Repurchase, https://www.osg.com/overseas-shipholding-group-announces-off-market-warrant-repurchase/
39. Octave Specialty (OSG) - Trefis, https://www.trefis.com/data/companies/OSG