Blackstone got a break in February when its American Petroleum Tankers (APT) unit saw competitor Overseas Shipholding Group (OSG) withdraw a $242m application for US Maritime Administration (MarAd) Title XI funding amid clear signs that the bid was going to be rejected.
The reason was creditworthiness, although an awkward political flap emerged when the financial press and a key congressman learned of OSG’s indirect trading with Iran — a practice both legal and long-known in shipping circles.
