Form 8-K - Current report
December 07 2023 - 1:51PM
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of the
Securities
Exchange Act of 1934
December
6, 2023
Date
of Report (Date of earliest event reported)
Overseas
Shipholding Group, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-06479 |
|
13-2637623 |
(State
of
Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
302
Knights Run Avenue, Suite
1200
Tampa,
Florida 33602
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (813)
209-0600
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Class
A Common Stock (par value $0.01 per share) |
|
OSG |
|
NYSE |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
8.01 Other Events.
On
December 6, 2023, Overseas Shipholding Group, Inc. (the “Company”) issued a press release announcing that the Company’s
Board of Directors has declared a cash dividend of $0.06 per share on the issued and outstanding Class A Common Stock of the Company.
The dividend is payable on January 4, 2024 to the Company’s stockholders of record at the close of business on December 21, 2023.
The press release also announced that the Company’s Board of Directors authorized an increase to its existing stock repurchase
program of an additional $25 million of the Company’s common stock.
A
copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
OVERSEAS
SHIPHOLDING GROUP, INC. |
|
(Registrant) |
Date:
December 7, 2023 |
By:
|
/s/
SUSAN ALLAN |
|
|
Susan
Allan |
|
|
Vice
President, General Counsel and |
|
|
Corporate
Secretary |
EXHIBIT
INDEX
Exhibit
99.1
Overseas
Shipholding Group
Declares
Dividend and Increases Share Repurchase Program
Tampa,
FL – December 6, 2023 - 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.
Investor
Relations & Media Contact:
Susan
Allan, Overseas Shipholding Group, Inc.
(813)
209-0620
sallan@osg.com
Source:
Overseas Shipholding Group, Inc.
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