OSG Independence pushes ahead on Delaware Bay, image (c) Rob Almeida/gCaptain
Overseas Shipholding Group (OSG) announced today that the portion of it’s common stock owned by U.S. citizens stands at 77 percent as of 15 April 2014.
In a press release today, the company notes, “This is the minimum percentage of shares that must be owned by United States citizens in order to preserve the status of OSG as a Jones Act company, in accordance with the Company’s charter and bylaws.”
To police this, prospective shareholders are required to declare their citizenship at the time of purchase and if they don’t meet U.S. citizenship requirements, they are prevented in completing the transaction.
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