Overseas Shipholding Group (OSG) has completed the separation of its fleet into two publicly traded companies.
The New York-listed tanker owner enters this new chapter with the spin-off of its international shipping business.
Sam Norton, OSG’s president of the US flag strategic business unit, said: “Today marks the start of an exciting new chapter for OSG.
“We are now a more sharply focused company with a leading and diversified position in the Jones Act market.”
Spin-off International Seaways will start trading on the New York Stock Exchange today.
Norton added: “We are confident that this focus will allow us to leverage our trusted operating franchise and strong balance sheet to address growth opportunities and drive shareholder value.
“We will continue to focus on the quality of our operations so as to ensure the delivery of safe, clean, reliable, incident-free transportation services to our customers.”
Earlier this week, ratings agency Moody’s downgraded OSG ahead of its fleet separation.
It cut its rating as it expects a deterioration in credit metrics while the negative outlook is also related to the company’s fleet age.
