Overseas Shipholding Group, Inc.
List of Deals
- 1972 offering of 375,000 shares of common stock; secondary offering of 375,000 shares of common stock
- 1971 Secondary offering of 477,600 shares of common stock
Overseas Shipholding Group was created in 1969 through the merger of the ship holdings of five private businessmen. It was the union of Overseas Bulk Ships, Inc., Transoceanic Bulk Carriers, Inc., and United Steamship Corporation. After the merger, the newly created company boasted a fleet of thirty-two ships and became the only publicly traded pure ocean shipping company in the United States.
Overseas Shipholding went public in January 1970 with the owners selling one-third of their interest in the company. The offering consisted of one million common shares sold at twelve dollars per share. The underwriting group was led by Kuhn, Loeb & Company.
The company sold the shares to retire bank indebtedness, as well as to finance the construction of new vessels and the rebuilding of an existing vessel. The vessels were managed by Maritime Overseas Corporation. After the public offering, Overseas Shipholding elected Morton P. Hyman, a thirty-five-year-old attorney, as president.