Overseas Shipholding Group Awarded Federal Grant to Develop Captured Carbon Terminal at Port Tampa Bay
December 21 2023 - 2:24PM
Business Wire
Overseas Shipholding Group, Inc. (the “Company” or “OSG”), a
leading provider of energy transportation services, announced today
that the Company has been awarded a $400,000 grant from the United
States Department of Energy (“DOE”) to study the development of its
proposed Tampa Regional Intermodal Carbon Hub (“T-RICH”). The study
is intended to evaluate the commercial feasibility of developing an
intermediate storage hub at Port Tampa Bay for CO2 captured from
industrial emitters across the State of Florida. T-RICH would
receive, store, and process two million metric tons of CO2 per
year, which would be transported by OSG vessels across the Gulf of
Mexico for permanent underground storage. This storage and
transport hub will be the first of its kind in the nation and could
be scaled to meet expanded volumes of captured CO2.
“Overseas Shipholding Group has an extensive track record of
adopting industry leading new technologies and developing
innovative solutions in energy transportation,” said Sam Norton,
President and CEO. “Transporting liquified CO2 is a natural next
step in an exciting emerging market, consistent with OSG’s
expertise with liquid cargoes,” explained Norton. “The development
of a hub storage terminal at Port Tampa Bay will provide a
comprehensive solution to allow Florida’s industrial facilities to
be part of the nation’s response to the impacts of climate change
and to which Florida is vulnerable.”
“OSG is a longtime strategic partner and provider of maritime
transportation services at Port Tampa Bay,” noted Paul Anderson,
Port Tampa Bay President and CEO. “This grant will make an
important contribution as we work with OSG in exploring the
development of a carbon distribution hub.”
“Florida's total CO2 emissions from power generation and
industrial facilities is among the largest in all states in the
country. But Florida has no pipeline system capable of transporting
captured CO2,” said Mr. Norton. “OSG’s proposed hub site at Port
Tampa Bay would aggregate and store CO2 captured from emitters for
loading onto specialized liquified CO2 vessels to be operated by
the Company. These vessels would then deliver their cargoes to the
northern Gulf of Mexico, which has the largest confirmed capacity
for safe, deep, permanent underground sequestration of captured
CO2. “
The DOE is encouraging the development of carbon capture and
storage systems as part of the United States’ goal to reduce CO2
emissions to achieve net zero carbon by 2050. Carbon capture and
storage systems are expected to provide up to 30% of that total
carbon emission reduction. Creating this supply chain will connect
Florida to the fast-maturing CO2 industry, will help improve air
quality for all Florida residents, and would provide hundreds of
new jobs involving innovative technology and infrastructure in
Florida to support carbon capture, storage, and transport systems
that OSG is promoting.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical facts
should be considered forward-looking statements. Words such as
“will”, “plans”, “should”, “expect”, “would” and similar
expressions are intended to identify forward-looking statements but
should not be considered as the only means by which these
statements may be made. Such forward-looking statements represent
the Company’s reasonable expectations with respect to future events
or circumstances and are subject to various risks, uncertainties,
and assumptions. Undue reliance should not be placed on any
forward-looking statements and consideration should be given to
factors including, but not limited to, those risks discussed in the
Company’s filings with the Securities Exchange Commission. The
Company assumes no obligation to update any forward-looking
statements except as may be required by law. Forward-looking
statements in this press release and written and oral
forward-looking statements attributable to the Company or its
representatives after the date of this press release are qualified
in their entirety by the cautionary statement contained in this
paragraph and in other reports hereafter filed by the Company with
the SEC.
About Overseas Shipholding Group, Inc
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly
traded company providing liquid bulk transportation services in the
U.S. Flag markets. OSG’s U.S. Flag fleet consists of Suezmax crude
oil tankers doing business in Alaska, conventional and lightering
ATBs, shuttle and conventional MR tankers, and non-Jones Act MR
tankers that participate in the U.S. Tanker Security Program.
Headquartered in Tampa, Florida, OSG is committed to setting
high standards of excellence for its quality, safety, and
environmental programs and is recognized as one of the world’s most
customer-focused marine transportation companies. More information
is available at www.osg.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231221706201/en/
Investor Relations & Media Contact: Susan Allan,
Overseas Shipholding Group, Inc. (813) 209-0620 sallan@osg.com
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