Advertisement
News
Advertisement

Overseas Shipholding Group 4Q loss narrows

Mon, 03/01/2010 - 9:30am
The Associated Press

Crude oil and petroleum products shipper Overseas Shipholding Group Inc. said Monday that its fourth-quarter loss narrowed as lower costs helped make up for a drop in revenue.

The company reported a loss of $23.2 million, or 86 cents per share, better than the loss of $79.5 million, or $2.89 per share, a year earlier.

Revenue of $242.6 million was down 38 percent year-over-year, which the company said was due to lower average daily rates by all of its international vessel classes.

But expenses were also much lower due to factors such as redelivery of vessels, a renegotiated management agreement with a tanker company, and much lower profit shares due to ship owners. Operating expenses fell 46 percent to $278.6 million.

Analysts polled by Thomson Reuters were expecting a quarterly loss per share of $1.25 on revenue of $218.6 million.

For all of 2009, the company earned $70.2 million, or $2.61 per share, down from $317.7 million, or $10.65 per share in 2008.

Shares of Overseas Shipholding rose $1.15, or 2.6 percent, to $45.64 in afternoon trading.

Advertisement

Share this Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading