Overseas Shipholding Group (OSG) has bought back $11.4m in warrants from shareholder Cyrus Capital Partners, about two weeks after it had repurchased $15m in shares from the New York-based hedge fund.

New York-listed OSG has taken back 13.9m warrants for common shares from Cyrus for $11.4m in a private deal that will deplete Cyrus of all its warrants, the US-flag tanker owner announced on Friday.