Stephen C. Freidheim‘s Cyrus Capital Partners has reported in a recent filing with the Securities and Exchange Commission an increase in its holding of Overseas Shipholding Group Inc (NYSEMKT:OSGIQ). The fund acquired 323,705 shares on June 20 at an average price of $11.53 per unit, taking its stake to more than 12 million shares. This position includes a special dividend paid in stock in December 2015 and warrants that can be converted into common stock. Overall, the positions amounts to approximately 16.9% of Overseas Shipholding Group’s outstanding stock.
Overseas Shipholding Group Inc (NYSEMKT:OSGIQ) engages mainly in ocean transportation of crude oil and petroleum products and operates a combined fleet of 79 vessels. On May 10, Overseas Shipholding Group reported financial results for the first quarter, posting a profit of $50.7 million or $0.09 per share on the back of $243.8 million in revenue.
Shares are currently trading at a trailing Price to Earnings (P/E) ratio of 4, significantly lower than most of its peers. Overseas Shipholding Group has announced that it has been approved to transfer its stock listing to the NYSE from the NYSE MKT, effective June 28. It will continue to trade under the same ticker.
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Hedge fund sentiment towards Overseas Shipholding Group Inc (NYSEMKT:OSGIQ) improved significantly during the first quarter, as the number of long positions rose to 19 by the end of March, from 10 registered a quarter before. Collectively these funds hold nearly 20% of the company’s common stock. Billionaire John Paulson is also betting on this stock, as his fund Paulson & Co held 65.9 million shares before the 1-for-6 reverse stock split effective on June 13, 2016.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Cyrus Capital Partners | 0 | 12,016,565 | 0 | 12,016,565 | 12,016,565 | (see Item 5) 16.9% |
| Cyrus Capital Partners GP | 0 | 12,016,565 | 0 | 12,016,565 | 12,016,565 | (see Item 5) 16.9% |
| Stephen C. Freidheim | 0 | 12,016,565 | 0 | 12,016,565 | 12,016,565 | (see Item 5) 16.9% |
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Page 1 of 8 – SEC Filing
| SECURITIES AND EXCHANGE COMMISSION | |
| Washington, D.C. 20549 | |
| SCHEDULE 13D/A | |
| Under the Securities Exchange Act of 1934 | |
| (Amendment No. 2)* | |
| Overseas | |
| (Name of Issuer) | |
| Class A Common | |
| (Title of Class of Securities) | |
| 69036R 889, | |
| (CUSIP Number) | |
| Cyrus Capital Partners, L.P. 399 Park Avenue, 39th Floor New York, New York 10022 (212) 380-5800 | |
| Eleazer Klein, Schulte Roth & Zabel LLP 919 Third Avenue New York, New York 10022 (212) 756-2000 | |
| (Name, Address and Telephone Number of Person | |
| Authorized to Receive Notices and Communications) | |
| June 20, | |
| (Date of Event Which Requires Filing of This Statement) | |
If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this Schedule because of Rule 13d-1(e), Rule
13d-1(f) or Rule 13d-1(g), check the following box. [X]
(Page 1 of 8 Pages)
______________________________
* The remainder of this cover page shall be filled out for a reporting
person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or
otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
