OSG releases its new annual sustainability report

Tampa, Fla., headquartered Overseas Shipholding Group, Inc. (NYSE: OSG) had two announcements, Wednesday. In the morning it reported that it had determined to cancel its 2024 Annual Meeting of Stockholders scheduled for June 6, 2024 in consideration of its contemplated merger transaction with Saltchuk Resources, Inc. Then, later in the day, it announced that it had published its annual sustainability report.

The report includes information relating to the company’s efforts on environmental, social, and corporate governance practices during 2023, as well as its long-term plans to evolve in these areas.

Sam Norton, the company’s CEO, and Rebecca DeLaet, chair of its corporate governance and risk assessment committee, stated in the sustainability report:

“Our recent financial success and operational efficiencies have allowed OSG to sharpen its focus on the future and to advance our vision of our operations going forward. The release of this year’s report is a further progression in that journey as we seek to mark our goals, bring to light our accomplishments, and highlight areas where we have sought to have a significant impact, particularly in environmental and social initiatives.”

Key developments highlighted in the report include:

• The expansion of the company’s developing carbon capture, utilization, and storage (“CCUS”) business line, including the recent funding opportunities OSG has leveraged to further develop a transportation solution for liquified CO2.
• Installing Starlink on 100% of the company’s fleet.
• The capital commitment of nearly $60 million to carry out lifecycle engine upgrades to the company’s Alaskan Class fleet.

Read the sustainability report HERE