(RTTNews) - Monday, Overseas Shipholding Group Inc. (OSG: News ), a bulk shipping company, posted a third quarter loss compared to a profit a year ago, reflecting a significant fall in revenues driven by declines in spot rates across all international flag segments.

New York-based Overseas Shipholding posted third quarter net loss attributable to the company of $19.62 million or $0.73 per share, compared to net income of $197.84 million or $6.69 per share last year.

On average, 13 analysts polled by Thomson Reuters expected the company to report a loss of $1.08 per share. Analysts' estimates typically exclude special items.

Quarterly revenues declined sharply to $243.58 million from $472.67 million in the same period a year ago. Analysts estimated revenues of $232.25 million.

For the quarter under review, the company's reported time charter equivalent or TCE revenues were $207.3 million, a 52% decline from $434.7 million in 2008. Overseas Shipholding indicated that the decline in TCE revenues was due to lower daily TCE rates earned by all of the company's international flag vessel classes, coupled with a 734 day decrease in revenue days.
Average daily TCE rates earned by the company's international crude oil tankers declined 65% to $21,204 per day and international product carriers declined 34% to $16,242 per day. The decrease in revenue days was predominantly due to the redelivery of a net 13 vessels quarter-over-quarter, Overseas Shipholding added.

Commenting on the operations Morten Arntzen, president and chief executive officer said, "As expected, we faced very tough market conditions during the third quarter."

Year-to-date, Overseas Shipholding reported net income attributable to the company of $93.33 million or $3.47 per share, significantly down from $397.21 million or $12.99 per share in the corresponding period last year. Revenues dipped to $851.04 million from $1.312 billion in the same nine month period a year ago.

OSG closed Friday's trading at $39.25, down from $40.55, on a volume of about 612 thousand shares.

To receive FREE breaking news email alerts for Overseas Shipholding Group and others in your portfolio

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com