OSG posts Q4 income after reorganization
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.