S&P affirms Overseas Shipholding

Standard & Poor's said it affirmed its ratings, including the BB+ corporate credit rating, on Overseas Shipholding Group Inc. and removed all ratings from CreditWatch, where they were placed on Dec. 14.

The CreditWatch placement followed the company's announcement that it would acquire Stelmar Shipping Ltd. Overseas Shipholding completed its $1.3 billion acquisition of Stelmar on Jan. 20. The outlook is stable.

S&P said ratings on Overseas Shipholding reflect the company's active fleet growth and participation in the volatile, highly fragmented, capital-intensive bulk ocean shipping industry. Positive rating factors include the company's position as a leading operator of tankers and good liquidity.

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