Overseas Shipholding Sees Loss in Final Quarter of 2018

TankerIllustration; Source: Unsplash/Shaah Shahidh

Florida-based tanker shipping company Overseas Shipholding Group ended the fourth quarter of 2018 in loss.

The company delivered a net loss of USD 5.2 million for the quarter ended December 31, 2018, compared with net income of USD 53.6 million for the fourth quarter 2017.

Net income for the full year 2018 was USD 13.5 million, down from USD 56 million reported in 2017.

Shipping revenues for the fourth quarter and full year 2018 were USD 89.2 million and USD 366.2 million, down 4% and 6%, respectively, compared with the same periods in 2017.

Time charter equivalent (TCE) revenues for the quarter and full year were USD 79.9 million and USD 326.7 million, down 4% and 10%, respectively, from a year earlier.

“During 2018, we took steps to reduce debt, gain cost efficiencies, and retain capacity available to capture value from an improving rate environment, positioning the company well to benefit from the inherent operating leverage of its business model,” Sam Norton, President and CEO, said.

“We are as convinced as ever that improving fundamentals will support a continuing recovery, and we expect to benefit from that recovery as our fleet of conventional tankers is re-chartered beginning in late 2019.”

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

Salvage & Wreck

Salvage and Wreck Removal Conference will focus on Casualty management case studies, Dealing with hazardous cargo and container ship fires…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >