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Shipping company in danger of bankruptcy returns ships

Overseas Shipholding Group, OSG, has begun returning chartered ships to their owners, a process that could end up taking a long time.

American Overseas Shipholding Group, OSG, which has filed for protection from bankruptcy under Chapter 11, has begun returning the shipping company’s chartered ships to the shipowners. This includes two Suezmax ships to the similarly stock listed DHT, and three small tankers to their Greek owners. DHT has already performed a major impairment, at USD 92.5 million, when it became clear a few months ago that OSG was struggling financially.

In the meantime, OSG has filed for permission - from the bankruptcy court in Delaware – to continue with payments for two Aframax newbuildings, under construction at SPP Shipbuilding in Korea.

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