Overseas Shipholding Group Announces $0.08 Dividend on its Common Stock
March 01 2016 - 7:00AM
Business Wire
Overseas Shipholding Group, Inc. (NYSE MKT:OSG, OSGB) (the
“Company” or “OSG”) announced today that on February 29, 2016 its
Board of Directors declared a cash dividend of $0.08 per share on
the Class A and Class B common stock.
On March 25, 2016, all shareholders of record of OSG’s Class A
common stock and Class B common stock as of 5:00 p.m. E.S.T. on
March 18, 2016, the record date of the dividend (the “record
date”), will receive a dividend of $0.08 for each share of Class A
common stock and Class B common stock held by them as of the record
date.
“We are very pleased to announce this return of capital to our
stockholders,” said Captain Ian T. Blackley, OSG’s president and
CEO. “This is the first cash dividend the Company has paid since
the third quarter of 2011, and we believe the payment of this
dividend marks another important milestone in our efforts to
deliver value for our shareholders.”
In addition, in accordance with the terms of the outstanding
warrants for OSG’s Class A and Class B common stock, those warrants
will be automatically adjusted pursuant to their terms to reflect
the payment of the dividend. Holders of warrants do not need to
take any action at this time.
About OSG
Overseas Shipholding Group, Inc. (NYSE MKT:OSG, OSGB) is a
publicly traded tanker company providing energy transportation
services for crude oil and petroleum products in the U.S. and
International Flag markets. 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 New York City, NY. More information is available
at www.osg.com.
Forward-Looking Statements
This release contains forward-looking statements. In addition,
the Company may make or approve certain statements in future
filings with the Securities and Exchange Commission (SEC), in press
releases, or in oral or written presentations by representatives of
the Company. All statements other than statements of historical
facts should be considered forward-looking statements. These
matters or statements may relate to the Company’s plans to issue
dividends and make payments to securityholders, its prospects,
including statements regarding trends in the tanker and articulated
tug/barge markets, and including prospects for certain strategic
alliances and investments. Forward-looking statements are based on
the Company’s current plans, estimates and projections, and are
subject to change based on a number of factors. Investors should
carefully consider the risk factors outlined in more detail in the
Company’s Annual Report for 2015 on Form 10-K under the caption
“Risk Factors” and in similar sections of other filings made by the
Company with the SEC from time to time. The declaration and timing
of future dividends, if any, will be at the discretion of the
Company’s Board of Directors and will depend upon, among other
things, the Company’s future operations and earnings, capital
requirements, general financial condition, contractual
restrictions, restrictions imposed by applicable law or regulation,
and such other factors as the Board may deem relevant. The Company
assumes no obligation to update or revise any forward-looking
statements. Forward-looking statements and written and oral forward
looking statements attributable to the Company or its
representatives after the date of this release are qualified in
their entirety by the cautionary statements contained in this
paragraph and in other reports previously or hereafter filed by the
Company with the SEC.
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version on businesswire.com: http://www.businesswire.com/news/home/20160301005848/en/
Investor Relations & Media:Overseas Shipholding
Group, Inc.Brian Tanner, 212-578-1645btanner@osg.com
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