Tampa, Fla., headquartered Overseas Shipholding Group (NYSE: OSG) has been awarded working agreements below the Tanker Security Program (TSP), administered by the Maritime Administration. The three are OSG’s medium vary tankers Overseas Santorini, Overseas Mykonos, and Overseas Sun Coast. Through the TSP, every taking part vessel will obtain a $6 million stipend from the U.S. authorities annually.
The TSP has been created to supply a fleet of ten energetic, commercially viable, militarily helpful, privately-owned, U.S. flagged product tank vessels buying and selling internationally exterior the Jones Act trades. The TSP offers the Department of Defense (DoD) assured entry to U.S.-owned, U.S.-flagged, and U.S.-crewed industrial product tankers able to assist nationwide financial and safety necessities.
“We are proud to be admitted into the TSP program and to be able to support the US government in its military efforts. In addition to expanding the number of available, militarily useful, U.S. flagged tankers, a prime objective of the TSP is to deepen and broaden the pool of domestic merchant mariners who possess the requisite skills and experience to support a right-sized US flag tanker fleet. A future with more jobs for American mariners is an unequivocally good thing,” stated OSG‘s CEO and President, Sam Norton. “The TSP is a critical program for the DoD, and OSG has taken a leadership role in working with its industry, labor, and government partners to get the TSP up and operating.”
