Overseas Shipholding Group, Inc. (NYSE:OSG) announces a share repurchase program. Under the program, the company will repurchase up to 3,788,639 shares for a total of $15.35 million. The shares will be repurchased at a price of $4.05 per share.

The shares will be repurchased from the entities managed by Cyrus Capital Partners, L.P. The company intends to fund the share repurchase program with the available cash. The purchase is expected to be completed today.