Overseas Shipholding Group is open to new options for its articulated tug barge (ATB) fleet as most of the vessels enter an oversupplied spot market.
Chief executive Samuel Norton said Tuesday that the company expects six of its eight conventional ATBs to roll off term charters and enter the spot market amid a tough market for protected Jones Act tonnage.
He said OSG is open to new markets outside of the US Gulf or to opportunities to "repurpose" the ATBs.
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