Overseas Shipholding Group, Inc. (OSG) announced the filing of a registration statement on Form 10 with the U.S. Securities and Exchange Commission (“SEC”), in connection with the Company’s previously announced plan to separate its international and domestic businesses. OSG expects that any separation would be achieved through a spin-off of OSG International, Inc. (“OIN”) in the second half of 2016 to create two standalone publicly traded companies, each of which will be better able to focus on its own business, creating the potential to enhance the long-term performance and shareholder value of each company.

“The filing of the Form 10 is an important step in the execution of our plan to create two industry-leading independent public companies,” said Captain Ian T. Blackley, OSG’s president and CEO. “Separating our international and domestic businesses will allow each company to more effectively pursue their distinct operating priorities and strategies and better enable management of both companies to capitalize on opportunities for long-term growth and profitability. Both businesses will continue to provide safe, reliable, high-quality transportation services to our customers in each sector.”

OIN owns and operates one of the largest fleets of international crude and product tankers worldwide. At June 30, 2016, OIN owned or operated a fleet of 55 vessels with a combined capacity of approximately 6.5 million deadweight tons and 864,800 cubic meters. OIN’s operating fleet comprises one ULCC, eight VLCCs, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and 20 MR tankers. Through joint venture partnerships, OIN has ownership interests in four liquefied natural gas carriers and two floating storage and offloading service vessels.

Source: Overseas Shipholding Group