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Article: OSG America Announces Sponsor and Aker Sign Nonbinding Settlement Proposal.
- Article from:
- Journal of Transportation
- Article date:
- September 19, 2009
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OSG America, L.P. (NYSE: OSP) reported that Overseas Shipholding Group, Inc. (OSG or Sponsor; NYSE: OSG), which owns a 77.1% interest in OSG America L.P., has signed a nonbinding settlement proposal with American Shipping Company ASA (AMSC) that seeks to settle all outstanding commercial disagreements between the Sponsor and AMSC. The proposal is intended to resolve certain liquidity issues previously disclosed by Aker Philadelphia Shipyard ASA (AKPS), for AKPS to continue its 12-ship newbuild program. All 12 vessels have been chartered out to OSG or OSG America, seven of which have delivered and are trading in the Jones Act market.
The proposal also provides for ...