The board of directors of Overseas Shipholding Group Inc. (NYSE:OSG) has approved the previously announced plan to separate its international and domestic businesses into two independent, publicly traded companies: Overseas Shipholding Group and International Seaways.
Upon separation, International Seaways will own and operate a large fleet of international crude and product tankers. OSG will consist of the currently existing US Flag business, which operates a fleet of tankers and ATBs in the blue water Jones Act market. International Seaways has reserved the stock symbol INSW on the New York Stock Exchange, while OSG will maintain the symbol OSG on the NYSE.
The spin-off and timing remains subject to the satisfaction of various conditions, including the effectiveness of the Registration Statement on Form 10. OSG may, at any time, decide to abandon the spin-off.