News

Saltchuk Welcomes Overseas Shipholding Group to Its Family of Companies

July 10, 2024

Seattle, WA, Tampa, FL – Saltchuk Resources, Inc. (“Saltchuk”) today announced that it has successfully completed its previously announced tender offer to acquire all of the outstanding shares of common stock of Overseas Shipholding Group, Inc. (NYSE: OSG) not already owned by Saltchuk for a purchase price of $8.50 per share in cash, an enterprise value of approximately $950 million.  The transaction closed this morning, and OSG is now a wholly-owned subsidiary of Saltchuk.

“With OSG, Saltchuk now numbers more than 8,500 people who share one thing in common: every day we strive to safely, responsibly, and reliably perform our services,” Saltchuk Chairman Mark Tabbutt stated.  “As with our other businesses, OSG will remain standalone and independently managed. We look forward to working alongside the OSG team as we move forward together.”

OSG joins Saltchuk as its seventh business unit, adding energy shipping to its diversified lines of business which include domestic shipping, international shipping, logistics, marine services, energy distribution, and air cargo.

Sam Norton, OSG’s President and Chief Executive Officer remarked, “The transaction with Saltchuk marks a significant development in the long history of OSG and we are very pleased that it has been successfully completed.  Leadership at both of our companies sees the value of having our business lie within the Saltchuk family of companies, an organization committed to sustaining the important role of the domestic maritime industry within the USA.  The entire team at OSG looks forward to our future together.”

The proposed transaction was announced May 20, 2024 and the expiration of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was announced on June 26th.

Computershare Inc. and Computershare Trust Company, N.A., acting as joint depositary and paying agent for the tender, have advised that, as of the expiration of the tender offer, approximately 47,770,076 shares of OSG common stock were validly tendered and not validly withdrawn pursuant to the tender offer, representing approximately 66% of the issued and outstanding shares of OSG common stock, which percentage does not include Saltchuk’s holdings.

As a result of the completion of the transaction, prior to the opening of trading on the New York Stock Exchange on July 10, 2024, all shares of OSG common stock will cease trading, and the OSG shares will subsequently be delisted from NYSE and deregistered under the Securities Exchange Act of 1934, as amended.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (“OSG”) provides liquid bulk transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG’s 21 vessel U.S. Flag fleet consists of Suezmax crude oil tankers, conventional and lightering ATBs, shuttle and conventional MR tankers, and non-Jones Act MR tankers that participate in the U.S. Tanker Security Program.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.

Contact

Susan Allan

Overseas Shipholding Group Enters Into a Definitive Agreement to Be Acquired by Saltchuk Resources, Inc.

May 20, 2024

Purchase Price of $8.50 per Share in Cash

Transaction Valued at $950 Million

Tampa, FL and Seattle, WA, May 20, 2024 – Overseas Shipholding Group, Inc. (“OSG” or the “Company”) (NYSE: OSG), a leading provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products primarily in the U.S. Flag markets, and Saltchuk Resources, Inc. (“Saltchuk”), a privately owned family of diversified freight transportation, marine service, and energy distribution companies, today announced that they have entered into a definitive merger agreement pursuant to which Saltchuk has agreed to acquire OSG in a transaction that values the Company at an aggregate equity value of approximately $653 million and a total transaction value of $950 million.

Under the terms of the agreement, which has been unanimously approved by the Board of Directors of both companies, Saltchuk will commence a tender offer to acquire all outstanding shares of OSG it does not already own for $8.50 per share in cash. The purchase price represents a 61% premium to OSG’s 30-day volume-weighted average price on January 26, 2024, the last day of trading before Saltchuk disclosed its non-binding indication of interest, as well as a 44% premium to the January 26 closing price of OSG’s shares and a 36% premium to Saltchuk’s initial indicative price of $6.25 per share.

“We are pleased to have reached an agreement that reflects our leading Jones Act business, longstanding customer relationships, and the value created by the OSG team over the past several years,” said Douglas D. Wheat, Chairman of the OSG Board of Directors. “Following Saltchuk’s indication of interest to buy the Company at the end of January, the Board of Directors, with the assistance of external financial and legal advisors, undertook a review of the Company’s financial and strategic alternatives, including remaining a publicly held company. As part of that review, the Board conducted a comprehensive process in which it engaged with Saltchuk and approached and engaged with other potential transaction counterparties. Informed by its review and that process, the Board firmly believes Saltchuk’s increased offer represents compelling value to, and is in the best interest of, our shareholders not affiliated with Saltchuk.”

“We are excited to enter into this new chapter together with Saltchuk, which has been a significant shareholder of OSG over the past several years and has a close understanding of our business,” said Sam Norton, OSG’s President and Chief Executive Officer. “Saltchuk’s operating companies have distinguished themselves in their respective segments, and this transaction partners us with an organization that shares our values and focus on customers. We are thrilled to soon join the Saltchuk family of companies.”

Mark Tabbutt, Chairman of Saltchuk Resources, said: “OSG, our nation’s leading domestic marine transporter of energy, has a strong cultural fit with Saltchuk and shares our commitment to operational safety, reliability, and environmental stewardship. On behalf of the Saltchuk organization, we look forward to welcoming more than 1,000 members of the OSG team to our family of companies and growing the enterprise through multi-generational investments.”

Following the close of the transaction, OSG will operate as a standalone business unit within Saltchuk, becoming a member of its family of diversified freight transportation, marine service, and energy distribution companies.

The closing of the tender offer will be subject to customary closing conditions, including the expiration of the Hart-Scott-Rodino Act waiting period and the tender of shares representing, together with the shares already owned by Saltchuk, at least a majority of OSG’s outstanding shares of Class A common stock, and is expected to close in the next few months. Promptly following the successful completion of the tender offer, Saltchuk will acquire all remaining OSG shares not purchased in the tender offer through a second-step merger at the same price.

The transaction is not subject to a financing condition. It will be funded through a combination of committed debt financing and cash on hand.

Evercore is acting as exclusive financial advisor to OSG and Fried, Frank, Harris, Shriver & Jacobson LLP is acting as legal advisor to OSG. K&L Gates LLP is acting as legal advisor to Saltchuk and BDT & MSD Partners is acting as Saltchuk’s financial advisor.

About Saltchuk Resources, Inc.

Saltchuk is a privately owned family of diversified freight transportation, marine service, and energy distribution companies, with consolidated annual revenue of approximately $5 billion and 7,500 employees. We believe in – and champion – the inherent value of our companies’ individual brands. The Corporate Home provides leadership and resources to our companies but not direct management of their operations. Saltchuk is a values-driven organization. We put safety first. We are reliable – we take care of our customers and conduct business with honesty and integrity. We are committed to each other, to protecting our environment, and to contributing to our communities in a work environment where anyone would be proud for their children to work. Additional information about Saltchuk, which is headquartered in Seattle, is available at www.saltchuk.com.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing liquid bulk transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG’s U.S. Flag fleet consists of Suezmax crude oil tankers, conventional and lightering ATBs, shuttle and conventional MR tankers, and non-Jones Act MR tankers that participate in the U.S. Tanker Security Program.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.

Cautionary Notice Regarding Forward-Looking Statements

Statements contained in this communication regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believes,” “estimates,” “expects,” “focused,” “continuing to,” “seeking,” “will” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These statements include those related to: the ability of the Company and Saltchuk to complete the transactions contemplated by the merger agreement, including the parties’ ability to satisfy the conditions to the consummation of the tender offer contemplated thereby and the other conditions set forth in the merger agreement. Because such statements deal with future events and are based on the Company’s and Saltchuk’s current expectations, they are subject to various risks and uncertainties, and actual results could differ materially from those described in or implied by the statements in this communication. These forward-looking statements are subject to risks and uncertainties, including, without limitation, risks and uncertainties associated with: the timing of the tender offer and the subsequent merger; uncertainties as to how many shares of the Company will be tendered into the tender offer; the risk that competing offers or acquisition proposals will be made; the possibility that various conditions to the consummation of the tender offer and the subsequent merger may not be satisfied or waived; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement and other risks and uncertainties affecting the Company, including those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on March 11, 2024, as amended by a filing with the SEC on March 25, 2024, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings and reports that the Company makes from time to time with the SEC. Except as may be required by law, neither the Company nor Saltchuk assumes any obligation to update these forward-looking statements, which speak only as of the date they are made, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Additional Information and Where to Find It

The tender offer for the outstanding shares of Class A common stock of the Company referenced in this communication has not yet commenced. This communication is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell shares of the Company or any other securities. This communication is also not a substitute for the tender offer materials that Saltchuk will file with the SEC upon commencement of the tender offer. At the time the tender offer is commenced, Saltchuk will file with the SEC a Tender Offer Statement on Schedule TO, and the Company will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9.

THE COMPANY’S SHAREHOLDERS ARE URGED TO READ THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS), THE SOLICITATION / RECOMMENDATION STATEMENT AND ALL OTHER FILINGS MADE BY THE COMPANY AND SALTCHUK WITH THE SEC in CONNECTION WITH THE TENDER OFFER WHEN SUCH DOCUMENTS BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER.

When filed, the Company’s stockholders and other investors can obtain the Tender Offer Statement, the Solicitation/Recommendation Statement and other filed documents for free at the SEC’s website at www.sec.gov. Copies of the documents filed with the SEC by the Company and Saltchuk will be available free of charge under “SEC Filings” on the Investors page of the Company’s website, www.osg.com. In addition, the Company’s stockholders may obtain free copies of the tender offer materials by contacting the information agent for the tender offer that will be named in the Offer to Purchase included in the Tender Offer Statement.

Contacts

Susan Allan, Overseas Shipholding Group, Inc.

(813) 209-0620

New Bedford Foss Terminal Opening to Support Offshore Wind

March 23, 2022

New Bedford, MA – The Port of New Bedford will add another base of operations and terminal logistics facility to support offshore wind projects off Massachusetts and the northeastern coast seaboard.

The former Sprague/Eversource site was selected for its proximity to offshore wind blocks located approximately 15 miles south of Martha’s Vineyard and Nantucket islands. The site will undergo redevelopment over the next year and be renamed the New Bedford Foss Marine Terminal. The terminal, slated to open in March 2023, will provide storage and laydown yards for equipment and materials, berth facilities for tug and barge operations, and host crew transfer vessel (CTV) and service operation vessel (SOV) support services. It will create new office space for project teams and a marine coordination center for technicians involved in offshore wind projects.

Foss is partnering with key local investors of New Bedford’sCannon Street Holdings LLC (CSH) to develop the 30-acre site. Andrew Saunders, local commercial offshore marine industry attorney with Cannon Street Holdings, will serve as President of the New Bedford Foss Marine Terminal.

“Today marks a big day for the Port of New Bedford and the City as a whole,” said Saunders. “The repurposing of this facility to support offshore wind has been a vision for many and it is great to see this project now begin to materialize”.  “This day was the result of a lot of support from the many key local and state government stakeholders as well as industry stakeholders and we would not have gotten to this point without this support.  Both Sprague and Eversource also helped greatly in bringing this day to reality. Thank you to all involved”.

“The New Bedford Foss Marine Terminal is perfectly situated to support offshore wind projects on the East Coast,” said Jason Childs, President and CEO of Saltchuk Marine. “We appreciate the vision of the City and Port of New Bedford and the vital role they are playing in making this project a success,“ added Childs.

New Bedford Mayor Jon Mitchell lauded the announcement. “We are thrilled to welcome Foss to the Port of New Bedford. The new terminal will solidify the Port’s status as the East Coast’s leader in offshore wind, complement our fishing industry, and create opportunities for our residents,” Mayor Mitchell said. “I congratulate Andrew Saunders and Foss’s parent, Saltchuk Marine, for their skillful and persistent effort to close this important deal.”

“Congratulations to Andrew, John and Lou at CSH and Foss for acquiring the Sprague and Eversource sites and building a marine terminal there to support the offshore wind companies. Today’s announcement of the acquisition for a new marine terminal brings New Bedford another step closer to realizing the economic and environmental benefits of the offshore wind industry and the city’s role within it. This is an exciting day for New Bedford and the SouthCoast region, and the role our city will continue to play in offshore wind development and renewable energy.” said local State representative Antonio F.D. Cabral (D – New Bedford) whose district includes the property.

“Re-dedication of this local port facility in New Bedford to provide support services for the coming Massachusetts wind renewable industry will provide jobs and economic growth while complementing the existing fishing, shipping and recreational maritime users in the harbor”, said local Representative Bill Straus (D-Mattapoisett), whose district includes both port communities of New Bedford and Fairhaven.  Rep. Straus is the House Chair of the legislature’s Transportation Committee.

“Congratulations to Foss and the City of New Bedford for continuing to build on the momentum that the emerging offshore wind industry is gaining in our community. This project is another opportunity to spur economic development in the region,” said local Representative Christopher Hendricks (D-11^th Bristol).

“The people of New Bedford should be very excited that a private company has decided to make such a huge investment in our community.  This type of private investment in our city should be an example of how important offshore wind will be to our community over the next generations.  Very proud that a native of New Bedford was able to put this all together.  Hats off to Andrew and the team at Saltchuk.” said local State Representative Christopher Markey (D-Dartmouth) of the 9^th Bristol District which includes New Bedford.

“Foss’s investment in New Bedford is a great example of how the emerging offshore wind industry, led by the Vineyard Wind 1 project, can have a meaningful impact on the community,” said Vineyard Wind CEO Klaus Moeller.  “The agreement will not only expand Foss’s operations in Massachusetts but also create opportunities for local residents. We’re proud to work with Foss and look forward to the positive effect their presence will have in the City of New Bedford.”

“We are happy that we supported Foss in its development of this terminal as we believe that this is an example of creating added value in the development of offshore wind along the Northeast US coastline. It shows that cooperation, long term relationships and trust between companies and people creates opportunities for multiple parties and leads to local job creation”, said Jan Klaassen, director of DEME Offshore US.

The seller, Sprague Massachusetts Properties, is wholly owned by Axel Johnson Inc. which is a private operating company with a mission to invest in and help grow great industry-leading businesses over the long term. Until mid-2021, Axel Johnson was the majority owner of Sprague Operating Resources with Sprague utilizing the New Bedford facility as a petroleum marketing location. In the near term, Sprague will continue to service the New Bedford petroleum market from its nearby Providence, Rhode Island distribution terminals via truck.

“We’re proud of our continued partnership with the City of New Bedford and the work that has already gone into the waterfront site over the past several years,” said Eversource Executive Vice President for Corporate Relations and Sustainability Jim Hunt. “Redeveloping the property will bring environmentally responsible economic development opportunities to the area as our region becomes a leader for offshore wind, which aligns with our work creating a more sustainable future.”

A groundbreaking ceremony will be held later this year, in conjunction with the One SouthCoast Chamber of Commerce.

Media Contacts:

Mark Grantor

206.448.5868

Andrew Saunders

508.264.6230

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ABOUT FOSS MARITIME

Founded in 1889, Seattle-based Foss Maritime offers a complete range of maritime services and project management to customers across the Pacific Rim, Europe, South America, and around the globe. Foss has one of the largest fleets of tugs and barges on the American West Coast. The company has harbor services and transportation operations in all major U.S. West Coast ports, including the Columbia and Snake River system, Hawaii, and Alaska. Foss offers worldwide marine transportation, emphasizing safety, environmental responsibility, and high-quality service. See www.foss.com for more information.

ABOUT CANNON STREET HOLDINGS

Cannon Street Holdings was established in 2021 to acquire and develop the Sprague/Eversource site into an offshore wind staging facility. Its principals are Louis A. Cabral, John A. Lees Jr., and Andrew B. Saunders. Each of the three principals are local members of the community and bring extensive experience to the project. In Early 2021, the project signed a public private partnership with the City of New Bedford which committed the development objective be focused on an offshore wind staging facility.

ABOUT SALTCHUK MARINE

The Saltchuk Marine family, with the tugboat as the center of our services, is steeped in a rich and storied history of innovation and service. With a keen use of technology, Saltchuk Marine companies: Foss Maritime, Young Brothers, Cook Inlet Tug & Barge, AmNav Maritime, and Starlight Marine continue to lead the industry in harbor services and marine transportation solutions, with safety and the environment leading our principles. Visit www.saltchukmarine.com for more information.

ABOUT EVERSOURCE

Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2021 and recognized as one of America’s Most JUST Companies. Celebrated as a national leader for its corporate citizenship, Eversource transmits and delivers electricity and natural gas and supplies water to 1.8 million customers throughout Massachusetts, including approximately 1.45 million electric customers in 142 communities, 635,000 gas customers in 110 communities, and 8,700 water customers in five communities. Eversource harnesses

the commitment of approximately 9,300 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The #1 energy efficiency provider in the nation, the company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles, and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on Twitter, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.

Montana-based Fuel Company Joins NorthStar Energy

March 18, 2022

With the addition of CityServiceValcon, NorthStar Energy expands its operational reach into Montana, Idaho, Wyoming, Eastern Washington, and beyond.

NorthStar Energy, a business operating unit of the Saltchuk family of companies focused on the energy sector, announced this week that CityServiceValcon, based in Kalispell, Montana, and with operations in multiple states throughout the Plains, Rocky Mountain, and West Coast regions, will be joining its family of companies.

“Throughout the history of our company, it has always been our vision to grow and expand our business through honesty and integrity, maintain a strong capital foundation, provide a great environment for our employees, and give back to our communities,” said Tim O’Neal, president of CityServiceValcon. “Becoming part of the NorthStar Energy family helps us achieve this vision and we look forward to this partnership.”

CityServiceValcon was founded in 1932 and has a 90-year history of exemplary customer service. The company’s mission is to create a safe and healthy environment for its employees while providing innovative and high-quality products to its customers. As one of the major logistics and delivery industry leaders in the United States, CityServiceValcon touches businesses and residents in 20 states and operates in regions where fuel supply remains fragmented, yet fuel consumption is increasing along with population providing attractive growth opportunities.

“We are excited that CityServiceValcon will join the NorthStar Energy family,” said Bert Valdman, president and CEO of NorthStar Energy. “Our two companies are a strong cultural fit. We align well in terms of operating philosophy and customers served.”

CityServiceValcon is a market leader in fuel distribution across multiple product lines offering wholesale ground and aviation fuel programs from top national brands and independent refiners. Commercial products including propane, proprietary card lock, bulk fuel, and lubricants are distributed from its multiple locations across Washington, Idaho, Montana, and Wyoming. The company serves customer needs in aviation, trucking, agriculture, mining, construction, government, and residential homes. CityServiceValcon’s experienced and long-tenured management team is committed to optimizing the business and has a track record of successful growth.

NorthStar’s current operating companies distribute fuel and lubricants throughout Alaska, Hawaii, and California. Its companies include Delta Western Petroleum, a highly respected petroleum and lubricant distributor in Alaska; Northern Oilfield Solutions, serving the North Slope of Alaska; Inlet Energy, Alaska’s premier lubricants distributor; Alaska Petroleum Distributing, the largest home-heating oil distributor in Fairbanks, Alaska; Hawaii Petroleum, the leading independent fuel marketer on Maui and the Big Island; and The Jankovich Company, a full-service marine and land fuel and lubricants specialist in Los Angeles and San Diego. The Jankovich Company, a family-owned business with a strong local brand, joined NorthStar in early 2021.

“NorthStar is now one step closer to becoming the West Coast’s leading fuel supplier,” Valdman continued. “We are well-positioned to support customers through the energy transition as the industry develops alternate fuels with lower carbon intensity.”

“Our aspiration to be the most respected marketer in the region remains the same,” O’Neal concluded, “Joining the NorthStar Energy family of businesses provides us an opportunity to expand and grow together.”

About CityServiceValcon
Established in 1932, CityServiceValcon is a robust full-service lubricants, fuels, and specialty products distributor that strives to provide high-quality, dependable delivery and superior service. We take care of our people by providing a safe and healthy work environment, and in turn, it allows us to serve customers across multiple industries with goods that keep commerce prospering, people comfortable and provide economic stability. Our customers, employees and vendors are the heart of our operations. For more information, visit cityservicevalcon.com.

Family-owned California fuel company joins NorthStar Energy

March 8, 2021

With the addition of The Jankovich Company, NorthStar Energy expands its operational reach into California to provide customers with best-in-class fuel solutions

SEATTLE – NorthStar Energy, a business operating unit of the Saltchuk family of companies focused on the energy sector, today announced that The Jankovich Company (TJC CA, LLC) based in San Pedro, California, will be joining its family of companies.

“I am very excited for this next chapter in our company’s story,” said Tom Jankovich, president of TJC CA, LLC. “One of the reasons our family chose to say ‘yes’ to NorthStar was because of its commitment to honoring its operating companies’ histories, their local resources, and their people.”

Thomas B. Jankovich founded The Jankovich Company in 1933. Despite a massive earthquake, adverse economic conditions, and fierce competition in the Los Angeles Harbor, the small business thrived, serving the local fishing fleet for the next 40 years. In 1977, Tom Jankovich, took over the company and continues to grow it today, serving land and marine customers from the Pacific Ocean east to Nevada and from the Mexican border north to the San Francisco Bay. With strategically located facilities throughout Southern California, Jankovich’s family-owned culture was built on the core value of taking responsibility and engaging with its employees, customers, and communities.

“Our companies complement each other in terms of culture and operations” said Bert Valdman, president and CEO of NorthStar Energy. “NorthStar’s values are rooted in safety, environmental compliance, and sustainability, while driven by a service-oriented, entrepreneurial spirit that aligns with the Jankovich Company’s past 88 years of operating on the pillars of safety, sustainability, integrity, and service.”

TJC CA, LLC is a full-service marine products supplier offering bunkering, marine lubricant deliveries via truck or barge, and dock-side fueling of commercial vessels, mega yachts, and pleasure craft. On land, the company offers a full spectrum of fuel and lubricant solutions that anticipate customer needs, prevent emergencies, and eliminate stress on customers’ organizations. TJC CA, LLC also provides a comprehensive line of products, equipment, and related supplies to auto dealerships, car washes, marinas, truck fleets, and more.

NorthStar’s current operating companies distribute fuel and lubricants throughout Alaska and Hawaii. Its companies include Delta Western Petroleum, a highly respected petroleum and lubricant distributor in Alaska; Northern Oilfield Solutions, serving the North Slope of Alaska; Inlet Energy, Alaska’s premier lubricants distributor; Hawaii Petroleum, the leading independent fuel marketer on Maui and the Big Island; and Alaska Petroleum Distributing, the largest home-heating oil distributor in Fairbanks, Alaska. Alaska Petroleum, a family-owned business with a strong local brand, joined NorthStar in late 2019.

“Expanding into California allows us to provide integrated, point-to-point service for many of our marine customers who travel along the west coast,” Valdman continued. “We are looking forward to having The Jankovich Company as part of the NorthStar family of companies and collaborating for future innovation and growth.”

“While change is a natural part of growth and inevitable over time,” Jankovich concluded, “The Jankovich Company remains a family business. Our culture and practices will be strengthened as part of the NorthStar Energy family. This is an opportunity to expand and learn from one another.”

About NorthStar Energy

NorthStar Energy companies operate in some of the most remote communities in Alaska and Hawaii, where traditional fuel is still a critical and vital resource. It is up to us to deliver this commodity safely, ethically, and without harm to the local environment. We believe all businesses must commit to a cleaner future, investing in more efficient operations, products, and services. Our responsibility is to guide our customers to the future of fuel while navigating the complexities of remote geographies and economies. With future generations always front of mind, we repositioned our petroleum distribution line of business into a forward-thinking energy holding company in 2018, rebranding NorthStar Petroleum into NorthStar Energy.

For more information, visit www.nsenergy.com.

About The Jankovich Co.

Established in 1933, The Jankovich Company. is a full-service lubricants, fuels, and specialty products distributor. Family- owned and operated, we combine world-class resources while maintaining adaptability, flexibility, and best-in-class services. We provide products of the highest quality from the world’s leading brands in Land and Marine, Lubricants, Fuels, Equipment, and Supply. And we offer unrivaled experience and proven expertise in Automotive, Industrial, Commercial, Marine, and Aviation industries. With a technical and operating staff available 24/7 and a comprehensive, streamlined delivery process, we can meet your needs quickly and efficiently, all at the highest standards of safety, sustainability and integrity.

For more information, visit thejankovichcompany.com.

CONTACT:

Thien-Di (“Zee”) Do

VP, Marketing & Communications

NorthStar Energy

o: (206) 357-1756