A Jones Act-protected maritime cash generator whose scarcity value was crystallized by Saltchuk’s $950 million take-private acquisition.
Overview
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.