Overseas Shipholding Group (OSG) has bought back another $15m in shares from shareholder Cyrus Capital Partners.

The New York-listed Jones Act tanker owner has bought 3.79m shares of Cyrus at $4.05 each for $15.3m in total in an off-market, private transaction. OSG planned to complete the purchase on Monday with available cash.

OSG’s shares gained 5.7%