OSG raises dividend 40%

OSG raises dividend 40% Tanker company Overseas Shipholding Group said it is raising its quarterly dividend by 40 percent to 44 cents per share or an annual rate of $1.75.
   The company's board of directors also authorized a new share purchase program of $250 million, which replaces a prior $200 million share repurchase program that was completed during the second quarter of 2008. OSG expects to repurchase the shares in the open market.
   “These actions are possible due to our strong operating results and reflect our confidence in the ability of our businesses to generate strong levels of cash flow into the future” said Morten Arntzen, president and chief executive officer of OSG. “This also demonstrates our continued commitment to capital discipline and shareholder value creation. We believe that this decision by our board strikes a good balance between maintaining the necessary balance sheet strength and financial flexibility to grow our businesses and return value to our shareholders.”