Overseas Shipholding Group, the owner of four LNG carriers within its fleet of over 60 vessels, reported a net income for the quarter ended December 31, 2014 of $22.1 million.
The company reported time charter equivalent revenues of $198.9 million, an increase of $5.0 million, or 3%, from $193.8 million in the comparable 2013 quarter. Net income for the quarter ended December 31, 2014 was $26.5 million, compared with a net loss of $447.3 million in the same period in 2013. After adjusting for special items that increased net income by $4.4 million fourth quarter 2014 net income was $22.1 million compared with net income of $24.9 million in the fourth quarter of 2013.
“We are very pleased to report adjusted net income of $22.1 million in our first full quarter of financial results since the company’s reorganization was completed in August 2014,” said Ian T. Blackley, President and CEO . “In the quarter, higher crude spot rates combined with the continuing strength of the U.S. Flag market had a positive impact on our earnings.”
For the fiscal year ended December 31, 2014, the company reported TCE revenues of $761.4 million, a decrease of $1.9 million, or 0.3%, from $763.3 million in 2013. Net loss for the fiscal year ended December 31, 2014 was $152.3 million, compared with a net loss of $638.2 million, or $20.94 per diluted share, in 2013. After adjusting for special items that increased net loss by$90.4 million, net loss for the fiscal year ended December 31, 2014 was$61.8 million compared with net income of $57.0 million in the fiscal year ended December 31, 2013.
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