Overseas Shipholding’s (OSG) Chapter 11 filing to deal with its bulging debt isn’t a surprise. And it also won’t be the last maritime shipper to do so as the industry continues to deal with big fleet levels and moribund charter rates.

OSG says there’s no reason to worry about the company’s operations. It’s going to be a rare case where a firm won’t need bankruptcy financing while OSG “expects to generate significant cash flow while in Chapter 11.”

Shares, inactive premarket, are down more than 80% the past month amid bankruptcy-filing fears.

kevin.kingsbury@dowjones.com. (c) 2012 Dow Jones & Company, Inc.

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