Overseas Shipholding Group Declares Dividend and Increases Share Repurchase Program
06 Dicembre 2023 - 3:00PM
Business Wire
Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or
“OSG”) announced today that its Board of Directors has declared a
cash dividend of $0.06 per share on its Class A Common Stock. The
dividend – the first dividend declared by OSG since the spinoff of
its international division in 2016 – will be paid on January 4,
2024 to stockholders of record at the close of business on December
21, 2023.
In addition, OSG announced that its Board authorized the
repurchase of an additional $25 million of common stock under its
existing stock repurchase program. The incremental stock repurchase
authorization will add to the $75.7 million of stock repurchases
and warrant retirements made since June of 2022.
Commenting on these actions, Sam Norton, OSG's President and CEO
said, "The Board of Directors, as the representative of OSG’s
shareholders, considers decisions on capital allocation to be among
the most important, involving a balance between investing in the
future, managing the level of our fixed payment obligations, and
benefitting our shareholders. In this context, the Board
continuously evaluates opportunities for the use of our available
cash. We are pleased that we have been able to produce cashflows in
excess of scheduled debt service and planned capital expenditures,
providing us with the ability to return cash to our stockholders by
a dividend and through the repurchase of shares, while remaining
able to take advantage of future business and debt reduction
opportunities.” Mr. Norton added, “Decisions as to future dividends
will be made by our Board of Directors based upon financial and
other considerations and possible alternative uses for our excess
cash. However, the Board expects the consideration of the payment
of regular quarterly dividends to be on its agenda in the
future.”
Under the share repurchase program, the Company may repurchase
shares from time to time in open market transactions (including the
use of trading plans under SEC Rule 10b5-1) or in privately
negotiated transactions. The timing and amounts of any purchases
will be based on market conditions and other factors, such as
price, in accordance with applicable laws. The program has no time
limit, may be suspended, modified or discontinued at any time, and
does not obligate OSG to purchase any particular amount of its
common stock. The Company intends to fund the share repurchase
program with excess cash.
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/20231206449090/en/
Susan Allan, Overseas Shipholding Group, Inc. (813) 209-0620
sallan@osg.com
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