UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Item 8.01 | Other Events. |
On December 10, 2021, Overseas Shipholding Group, Inc. (“OSG”) announced via press release that it would exercise options to extend the charter agreements with American Shipping Company (“AMSC”) for two of its handysize product carriers, and its intention to redeliver three of the handysize product carriers. A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item by reference.
Under the charter agreements with AMSC, OSG has options to extend for one-, three- or five-year terms. OSG declared its extensions of two of the charter agreements for additional one-year terms ending December 2023. The charter agreements provide that each one-year option is only usable once, while the three- and five-year options are available indefinitely. For the three vessels for which options to extend were not declared, the charter agreements will expire on December 11, 2022.
The lease payments for the charters-in are fixed throughout the option periods, and the options are on a vessel-by-vessel basis and can be exercised individually.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release, dated December 10, 2021. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| OVERSEAS SHIPHOLDING GROUP, INC. | |||
| (Registrant) | |||
| Date: | December 10, 2021 | By: | /s/ Richard Trueblood |
| Richard Trueblood | |||
| Chief Financial Officer | |||
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release, dated December 10, 2021 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |