OSG CEOs bio on the OSG website - - (obliteration of value)
Quote from OSG website profile of the CEO
QUOTE Mr. Arntzen has guided OSG through acquisitions totaling nearly $2 billion, expanding the Company's presence in the products trade, lightering and in the U.S. Flag Jones Act market. Equity market transactions have generated $1.04 billion and include the creation and initial public offering of Double Hull Tankers, Inc. (now DHT Maritime, Inc.) UNQUOTE
Apparently DHT was the public offering that raised $! Billion and gave DHT a $1Billion market value in 2005. Today, DHT has a value of just $38 million. PLUS the value of OSG has plummeted equally. WHAT INCREDIBLE DESTRUCTION OF VALUE
The OSG website indicates that OSG has the "gold" standard of management. REALLY?
it is really out of there hands. over capacity was unforseeable. really the company that explots the situation and allows the massive losses have earned significant profits... wether its exxon,total,petrobras,bp or,shell,marathon,chevron. these are the ones who have exploited the situation masterfully. its a pity they dont share in the wealth,instead reap huge bonuses on there ceo. the tankers could also be viewed as mere proxys for governments who reap huge sums from taxes and fees. making more on the product than anybody on the food chain.