Overseas Shipholding Group, Inc. (NYSE: OSG), a market
leader in providing energy transportation services, announced that its Board of
Directors has suspended the payment of regular quarterly dividends. No dividend will be paid in the first quarter
of 2012.
Commenting on the dividend suspension, Morten Arntzen,
President and Chief Executive Officer, stated:
"The downturn in our international flag markets has been deeper and
has lasted longer than we anticipated, as evidenced by a fairly tepid winter
market. At the same time, economic
uncertainty in the world persists and the banking markets have become more
challenging. Therefore, to preserve
liquidity and maintain financial flexibility, the Board suspended the quarterly
dividend until further notice. The Board
will reassess the dividend as our markets improve."