Overseas Shipholding announced that its board of directors has authorized a program to purchase up to ten million shares of the company’s common stock. Sam Norton, OSG‘s president and CEO, stated, "Share repurchases remain one of several focus points for use of free cash flow generated by current and anticipated vessel operations. Reauthorization of a share repurchase program by the OSG Board of Directors provides the Company with added flexibility to continuously evaluate opportunities to manage our available cash in manners that we believe will best serve our shareholders."
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Published first on TheFly