Overseas Shipholding Group (OSG) has revealed the squad that will lead its international flag division spin-off as it posted a third quarter loss.

The tanker owner said Jeffrey Pribor has been appointed as chief financial officer (CFO) of International Seaways to work along with chief executive Lois Zabrocky.

Zabrocky said: “It is an honour and privilege to lead International Seaways as it begins its journey as an independent public company.

“I am delighted to be part of such an incredible team with a long history of providing safe, efficient and reliable transportation to our customers.”

OSG announced yesterday that the official spinoff of International Seaways will take place on 30 November.

Completing the senior leadership team, James D. Small III will serve as chief administrative officer, secretary and general counsel following the separation of the OSG businesses.

The board of directors of International Seaways will be manned by the following: Douglas Wheat, Timothy Bernlohr, Ian Blackley, Joseph Kronsberg, Ronald Steger, Chad Valerio, Ty Wallach and Gregory Wright.

Randee Day, president and chief executive of Day & Partners, will become the new director of International Seaways.

OSG sees red third quarter

Meanwhile, OSG posted a third quarter net loss of $98.7m, against a profit of $173.4m in the corresponding quarter of last year.

The decrease reflects the impact of pre-tax vessel impairment charges of $147.4m, the company explained.

Its operating figure was more encouraging as its adjusted EBITDA sat at $75.6m, down 39% from the same spell of 2015.

Ian Blackley, president of OSG, said: “I am very pleased with our third quarter results, where we generated $76m of adjusted EBITDA despite challenging market conditions.

“We believe that two distinct public companies, operating in the domestic and international markets will provide greater value for our shareholders, as each businesses will be able to fully focus on opportunities and attractive investments in each sector.”

OSG also posted time charter equivalent (TCE) revenue of $186.8m in the third quarter, down by $46.8m compared to a year ago.