fbpx
Menu

OVERSEAS SHIPHOLDING GROUP REPORTS THIRD QUARTER 2018 RESULTS

Share

Mr. Sam Norton, President and CEO, stated, “The third quarter saw OSG make meaningful progress in executing on its business plan, notwithstanding our short-term financial results. Highlights for the quarter are that we secured multiple new term-charter fixtures, extended our contract of affreightment with the Government of Israel through the end of 2020, and with another lender of $27.5 million, both of which we anticipate closing in the coming weeks. We expect these financings to add longer-term stability to our balance sheet, clearing the path for the pursuit of expansion opportunities. We are confident that the trajectory and mix of our revenue streams position the Company well to benefit from the continuing arc”

Net income for the third quarter was $11.9 million, or $0.13 per diluted share, compared with a net loss of $6.3 million, or $(0.07) per diluted share, for the third quarter Shipping revenues for the third quarter 2018 were $80.5 million, down 13.7% compared with the same period in 2017. Time charter equivalent (TCE) revenues(A), a non- …

[Read on via official release]

Source: US SEC
View full document:
8-K_for_OVERSEAS_SHIPHOLDING_GROUP_INC_8-K-11-09-2018