Overseas Shipholding Group nets $49.1 million loan
A $49.1 million loan has been closed by NYSE-listed tanker owner and operator Overseas Shipholding Group to finance a newly constructed oil and chemical ATB barge.
The subsidiaries of OSG, OSG 205 LLC and OSG Courageous II LLC, will use the loan to refinance the OSG Courageous, the tug to which the barge is coupled.
The latest barrel of 204,000 U.S. The Greenbriar Marine shipyard is constructing the Flag ATB barge, the OSG 205, which is expected to be delivered in the next few weeks.
The company took delivery from Greenbrier Marine back in June 2020 of OSG 204, a 204,000 barrel size oil and chemical tank barge, and a sister vessel to OSG 205.
“The transaction marks an important milestone in completing the construction and delivery of the second of two barges built for OSG at Greenbriar Marine shipyard," said Sam Norton, President and CEO of OSG.
The lender received a collateral assignment from the vessel construction contract for the barge as part of the funding, and the lender would retain a perfect first priority safety interest and preferred ship mortgage upon delivery of the barge.
A perfect first priority safety interest and preferred ship mortgage against the tug is also retained by the lender.
Three crude oil tankers doing business in Alaska, one conventional ATB, two lighter ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers involved in the US Maritime Security Program are part of OSG's 21 vessel US Flag fleet.
Maritime Business World