Overseas Shipholding Group (OSG)'s board of directors has approved the spin-off of its international-flag fleet as a separate company called International Seaways.
The move is the next step in the tanker giant's effort to split up its US-flag and international businesses, which the company hopes will create more flexibility and make both companies more attractive to investors.
But the decision by the board does not yet guarantee that the separation will go forward, as it is still subject to conditions and OSG can still back out.
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