March 10, 2010 (FinancialWire) — Overseas Shipholding Group, Inc. (NYSE: OSG) said it has closed the sale of 3.5 million shares of its common stock to Goldman, Sachs & Co. (NYSE: GS) at a per share cash price of $45.33 for a total purchase price of $158,655,000.

OSG plans to use the net proceeds from this offering for general corporate purposes, including, without limitation, capital expenditures and working capital.

The company said it may use a portion of the net proceeds to pay down certain of its existing debt, including its revolving credit facilities, but has not yet determined the amount of net proceeds, if any, to be used for this purpose.

New York-based Overseas Shipholding is a tanker company offering global energy transportation services for crude oil, petroleum and gas products in the U.S. and International Flag markets.

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