Overseas Shipholding Group to Join Tanker Security Program
MARAD Approves Tampa Based Company’s Applications for Three Vessels
Overseas Shipholding Group (OSG), a publicly traded energy transportation company headquartered in Tampa, Florida, has been awarded operating agreements under the Tanker Security Program (TSP), administered by the Maritime Administration. OSG’s medium range tankers Overseas Santorini, Overseas Mykonos, and Overseas Sun Coast are three out of 10 vessels approved for the TSP.
The TSP has been created to provide a fleet of active, commercially viable, militarily useful, privately-owned US flagged product tank vessels trading internationally outside of conventional Jones Act trades. The TSP gives the Department of Defense (DoD) assured access to US-owned, US-flagged, and US-crewed commercial product tankers ready to support national economic and security requirements. Through the TSP, each participating vessel will receive a $6M stipend from the US government each year.
"We are proud to be admitted into the TSP program and to be able to support the US government in its military efforts. In addition to expanding the number of available, militarily useful, US flagged tankers, a prime objective of the TSP is to deepen and broaden the pool of domestic merchant mariners who possess the requisite skills and experience to support a right-sized US flag tanker fleet. A future with more jobs for American mariners is an unequivocally good thing," said OSG's CEO and President, Sam Norton. "The TSP is a critical program for the DoD, and OSG has taken a leadership role in working with its industry, labor, and government partners to get the TSP up and operating."
The TSP is a newly created public-private partnership program, modeled from the Maritime Security Program (MSP), a similar program in which OSG has participated for over two decades. OSG submitted applications for the Congressionally approved and funded TSP program in February of this year. With the inception of the TSP, the DoD will have an expanded pool of US flagged tankers operating worldwide that will allow for committed, reliable and loyal fuel transportation to the US military during a time of national crisis, as opposed to relying on transportation by foreign-flagged vessels.
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly-traded company providing energy transportation services for crude oil and petroleum products in the US Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s US Flag fleet consists of crude oil tankers doing business in Alaska, conventional ATBs, lightering ATBs, shuttle tankers, MR tankers operating internationally and in the Jones Act, and one tanker in cold layup. OSG is committed to setting high standards of excellence for its quality, safety, and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com
The products and services herein described in this press release are not endorsed by The Maritime Executive.