Florida-based US-flag operator Overseas Shipholding Group will save $1.7m in interest costs after successfully refinancing seven Jones Act product tankers on bareboat charters from New Orleans-based private fund Maritime Partners.
The Tampa-headquartered owner said it had pre-paid deferred payment obligations on the fleet and would also book a gain of $910,000 on the transaction.
The original financing terms date back to 2005, when OSG negotiated details with the vessels’ previous owner, Oslo-listed AMSC.
