Overseas Shipholding Group (OSG): BHR Capital Reduces Stake

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Michael Thompson‘s BHR Capital has reduced its position in Overseas Shipholding Group Inc (NYSEMKT:OSG) according to a recently amended filing with the Securities and Exchange Commission. According to its 13F filing for the March 31 reporting period, BHR Capital held approximately 10.1 million shares of the company, which have since undergone a 1:6 reverse stock split on June 13. The fund now holds some 1.37 million shares plus warrants that could be turned into 3.07 million shares, thus giving it economic exposure to 6.5% of the company’s common stock.

Overseas Shipholding Group Inc (NYSEMKT:OSG) provides ocean transportation services for oil companies and operates a fleet of 79 vessels. The stock has a market cap of $5.3 billion and trades at a trailing Price-to-Earnings (P/E) ratio of just 4.0, significantly lower than the industry average of 248 according to data compiled by Yahoo! Finance. The company is scheduled to release its second quarter results on August 8 before the market open, with analysts projecting $0.26 in earnings per share.

Cheniere LNG Tanker Shipping Ship Liquid Natural Gas Vessel Fuel Carrier

Oleksandr Kalinichenko / Shutterstock.com

Hedge fund interest in Overseas Shipholding Group Inc (NYSEMKT:OSG) surged during the first quarter of 2016, as the number of long positions held by the funds in our database jumped to 19 at the end of March, from ten registered three months earlier. Randall Smith‘s Alden Global Capital is betting big on this stock, holding the largest stake among the funds followed by Insider Monkey. Alden’s holding amounted to 22.9 million shares (approximately 3.82 million after the reverse split), unchanged during the quarter. Christian Leone‘s Luxor Capital Group was not far behind, having reported ownership of 12.4 million (2.06 million post-split) shares, down by 36% during the quarter.

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
BHR Capital 4,449,264 0 4,449,264 011 4,449,264 6.5%
BHR-OSG On-Shore Funding 4,050,307 0 4,050,307 011 4,050,307 5.9%

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Page 1 of 6 – SEC Filing


Washington, D.C. 20549




Under the Securities Exchange Act of 1934

(Amendment No. 2)*



Shipholding Group, Inc.

(Name of Issuer)

Class A Common Stock (par value $0.01 per share)

(Title of Class of Securities)


(CUSIP Number)

Michael Falk

BHR Capital LLC

Third Avenue, 15th Floor

New York, NY 10017

(212) 378-0830

Address and Telephone Number of Person Authorized to Receive Notices and Communications)

December 15, 2015

(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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section
240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting persons 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, as amended (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).

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