Plus   Neg

Overseas Shipholding Group Turns To Profit In Q4

Overseas Shipholding Group Inc. (OSG), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, reported that its net income for the fourth quarter was $53.6 million, compared with net loss of $275.5 million for the fourth quarter 2016.

Net income from continuing operations for the fourth quarter was $53.6 million, or $0.61 per diluted share, compared with a net income from continuing operations of $64.7 million, or $0.74 per diluted share for the fourth quarter 2016. The increase reflects the income tax benefit primarily as a result of the remeasurement of the net deferred tax liability to the newly enacted statutory rate of 21%.

Shipping revenues were $92.8 million for the quarter, down 19% compared with the fourth quarter of 2016. TCE revenues for the fourth quarter of 2017 were $82.8 million, a decrease of $26.8 million, or 24%, compared with the fourth quarter of 2016, primarily due to lower average daily rates earned, which accounted for a $22.8 million decrease in TCE revenues and a 138-day decrease in revenue days for its fleet, excluding its modern lightering ATBs, driven by additional drydock and repair days resulting in a $4.0 million decrease in TCE revenues.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Alibaba's founder and chairman Jack Ma has said that the Chinese e-commerce giant no longer plans to create 1 million jobs in the US, citing the ongoing trade conflict between the US and China as the reason. "The promise was made on the premise of friendly US-China partnership and rational trade relations,"... California's insurance regulator has filed a lawsuit against AbbVie Inc. for allegedly giving illegal kickbacks to health care providers to prescribe its arthritis drug Humira. The lawsuit filed in Alameda County Superior Court by the California Department of Insurance alleges that private insurers have paid out $1.2 billion in Humira-related pharmacy claims. Danske Bank A/S's Chief Executive Thomas Borgen resigned on Wednesday after the Danish lender announced the results of an internal probe relating to a money-laundering scandal in its branch in Estonia that involved payments of about 200 billion euros. Danske Bank said its investigation covered about 15,000 customers and a total of around 9.5 million payments through the branch.
Follow RTT