Overseas Shipholding Group Inc (NYSE: OSG) said on Thursday that its Board of Directors had authorized a regular quarterly cash dividend of $0.06 per share on its Class A common stock.
The dividend will be paid on April 11th to shareholders of record as of the close of business on March 28th 2024, the company said.
“After carefully considering the Company’s capital position, I am pleased that our Board has declared another dividend on the heels of our earnings release, which highlighted our Company’s strong financial condition. The dividend aligns with our commitment to return value to our shareholders while still maintaining flexibility to pursue opportunities for growth in future business endeavors and to reduce debt exposure,” Sam Norton, President and CEO of Overseas Shipholding Group, said in a press release.
“The Board of Directors intends to continue to consider future dividends and other possible uses for our excess cash on an ongoing basis.”
Stock Performance
The shares of Overseas Shipholding Group Inc (OSG) closed 0.17% ($0.01) higher at $6.05 in New York on Thursday, as they extended the gain from the previous market session.
The company’s total market cap now stands at $429.262 million.
The shares of Overseas Shipholding Group Inc (OSG) went up 82.35% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 14.80% so far this year.
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