Overseas Shipholding Group (OSG) is repurchasing $14.3m of its shares from its largest shareholder.

The US tanker owner said on Tuesday that it was buying back 5m shares at $2.86 each from Cyrus Capital in a deal chief executive Samuel Norton said was made possible due to OSG’s newfound financial strength.

“The price paid in this share purchase equates to an enterprise value of roughly 4.5