New York hedge fund Paulson & Co has lowered its stake in Overseas Shipholding Group (OSG) by 25% but still remains one of the Jones Act tanker's top shareholders. The $18bn firm founded in 1994 by John Paulson shed nearly 2.7 million shares, bringing its interest to 9.8% from 14.7%, according to a regulatory filing. Paulson's stake in Sam Norton-led OSG goes back as far as March 2016, when the activist investor held 17.9% of the company. Other major shareholders as of 28 April included Cyrus Capital Partners with a 15.3% stake and Blue Mountain Funds holding 11.6%.