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.”