OSG Shakes off Losses
NYSE-listed tanker owner and operator Overseas Shipholding Group (OSG) ended the second quarter of 2015 with USD 58.4 million net profit, compared to USD 202 million net loss this bankruptcy survivor reported in the second quarter of 2014.
Time Charter Equivalent (TCE) revenues grew to USD 235.2 million for the quarter, an increase of USD 63.6 million compared with the second quarter of 2014, driven by continuing strength in crude and product spot market rates.
Adjusted EBITDA was USD 130.2 million for the quarter, an increase of USD 75 million compared with the second quarter of 2014, driven primarily by the strength of spot rates, particularly in the international crude market, and lower general and administrative expenses.
”I am pleased to report strong second quarter and first half results, which reflect the continuing strength in the U.S. and International tanker markets and our unique position in both these markets,” said Ian T. Blackley, OSG’s President and CEO.
”With a fleet of 79 vessels on the water, generating cash, we remain confident in our ability to deliver value for our shareholders.”
Strong quarterly results follow the recent settlement between OSG’s investors and the company’s executives, underwriters and an audit firm in relation to 2012 bankruptcy and tax issues.
In August 2014, OSG announced the completion of financial restructuring and emergence from Chapter 11. The company filed for initial public offering in May this year.