Overseas Shipholding Group (OSG) is launching another share repurchase plan.

The Florida-based Jones Act tanker owner said on Friday that it could purchase up to 10m of its New York-listed shares, or just over 12% of its 78.6m outstanding shares.

“Share repurchases remain one of several focus points for use of free cash flow generated by current and anticipated vessel operations,” chief executive Sam Norton said in the announcement.