On "Fast Money" two of our favorite subjects are energy and the global economy - we think Overseas Shipholding Group (OSG) must find those topics pretty compelling too. They run a fleet of more than 100 tankers moving oil and natural gas around the world.
Here are excerpts from our conversation with Overseas Shipholding Group Chief Executive, Morten Arntzen.
Give us some insights about your business?
“We’re in the 4th inning of a 9 inning game,” replies Arntzen. “Gas, oil and petroleum are found one place and demand is in other (parts of the globe)… to move supplies you need big ships...”
He adds “we used to have single hull tankers (one bottom) – but after the Exxon Valdez incident legislation required double bottoms by 2010. So all those old ships had to be replaced.. 100% of our ships are double hull tankers and the world needs a lot more of them.”