OSG sells shares in Double Hull Tankers
Overseas Shipholding Group Inc. said it has sold 3 million shares of common stock of Double Hull Tankers (DHT) pursuant to an underwriting agreement with Merrill Lynch & Co.
New York-based OSG expects to recognize a gain from the transaction of about $9 million in the second quarter. After completion of the sale, OSG’s 10 percent beneficial ownership of DHT’s common stock will be eliminated.
DHT was spun off from OSG last year. Headquartered in New Jersey in the Channel Islands, it owns and charters seven crude oil tankers back to OSG.
