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Solvang cited
US Coast Guard port inspections result in detention of Norwegian gas carrier, OSG tanker, ER Schiffart boxship and others.
OSG slashes director pay
Overseas Shipholding Group (OSG) says it has approved a one-year extension on board member payout cuts.
OSG top boss Morten Arntzen.
The annual cash retainer to sit in a seat on the company’s board of directors has been reduced to $45,000 from $50,000, according to documents filed with the US Securities and Exchange Commission (SEC).
The non-executive chairman of the board, Michael Zimmerman, will see his yearly payday chopped by 10 percent to $112,000 down from $125,000.
The members who attend compensation committee meetings pocket $1,500, a $500 decline from $2,000.
OSG says that the board and audit committee meeting fees will remain unchanged, so individual members will still receive $2,000 for attending.
The tanker player says the reductions will remain in effect through June of 2011.
OSG says that the cash payouts are competitive with the fees doled out to board members of comparable companies.
In 2008, TradeWinds reported that OSG board members were making $150,000 per year for their service. (To read the article in full, click here)
 Overseas Shiphldgs |
| Last | +/- % | +/- | High | |
|---|---|---|---|---|
| USD | 10.20 | -1.16% | -0.12 | 10.65 |
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