US-based Overseas Shipholding Group (OSG) is considering separating its domestic and international businesses into two standalone publically traded companies.
The NYSE-listed group’s OSG International unit, which owns and operates one of world’s largest fleets of crude and product tankers, would be spun off if the plan goes ahead.
Any separation would be be effected before the end of 2016, the group said.
“Separating our international and domestic businesses will allow each company to more effectively pursue their distinct operating priorities and strategies and better enable management of both companies to capitalize on opportunities for long-term growth and profitability,” Captain Ian T Blackley, OSG’s president and CEO, said in a release.
“Both businesses will continue to provide safe, reliable, high-quality transportation services to our customers in each sector.”
OSG has filed a registration statement on Form 10 with the US Securities and Exchange Commission (SEC) in preparation for the proposed spin-off.