Florida-based Overseas Shipholding Group (OSG), a major operator of tankers and ATBs in the Jones Act industry, has authorized a program to purchase up to 10 million shares of the company´s common stock.

Sam Norton, OSG’s President and CEO, said in the announcement on Friday that “Share repurchases remain one of several focus points for use of free cash flow generated by current and anticipated vessel operations.”

Overseas Shipholding Group is launching a share repurchase plan, with the top management emphasising the fact that “Reauthorization of a share repurchase program by the OSG Board of Directors, provides the company, with added flexibility to continuously evaluate opportunities to manage our available cash in manners that we believe will best serve our shareholders.”

The company says today that may repurchase shares from time to time in open market transactions, or in privately negotiated transactions.

Furthermore, the timing and amounts of any purchases will be based on market conditions and other factors, such as price, in accordance with applicable laws.

“The program has no time limit, may be suspended, modified or discontinued at any time, and does not obligate OSG to purchase any particular amount of its common stock. The company intends to fund the share repurchase program with excess cash,” as said today in the announcement.