US tanker company Overseas Shipholding Group, Inc. has been approved by the New York Stock Exchange (NYSE) to transfer its stock listing to the NYSE from the NYSE MKT.
The company’s common stock, which will continue to trade under the ticker symbol OSG, is expected to commence trading on the NYSE effective Tuesday, June 28, 2016.
Until then, OSG’s common stock will remain on the NYSE MKT, but trading on the NYSE MKT will ens simultaneously with the listing of its common stock on the NYSE.
“We believe listing on the NYSE, one of the world’s most prestigious stock exchanges, will enhance trading liquidity of our common stock and contribute to increasing shareholder value,” Ian T. Blackley, OSG’s president and CEO, said.
The approval to transfer its listing to the NYSE is subject to the company’s compliance with all applicable listing standards on the date it begins trading on the NYSE, and may be cancelled if OSG is not in compliance with such standards on that date.
The provider of oceangoing energy transportation services recorded a full-year net income for 2015 of USD 284 million, rising from USD 152.3 million for the full year 2014.
Fourth quarter and full year 2015 time charter equivalent (TCE) revenues grew as well, reaching USD 234.4 million and USD 924.8 million, up by 18% and 21%, respectively, compared with the same periods in 2014.