Overseas Shipholding Group (OSG), USA, has reported results for the first quarter of the 2010 fiscal year ended March 31, 2010. The company reported TCE1 revenues of US$229.9 million, a 21 percent decline from US$292.8 million in 2009. The decline in TCE revenues was due to lower average daily TCE rates earned by all the company's international flag vessel classes except VLCCs.
Crude Oil TCE revenues were US$132.1 million, a 17 percent decline from US$160 million in the same period a year ago; Products TCE revenues were US$50.1 million, a 30 percent decline from US$71.2 million; and US Flag TCE revenues were US$45.7 million, a 23 percent decline from US$59.7 million.
Revenue days decreased quarter-over-quarter by 1,216 days due to a net reduction in the operating fleet of eleven vessels from March 31, 2009, and six US Flag vessels that were in layup for substantially all of the first quarter.
Net loss attributable to the company for the quarter ended March 31, 2010, was US$9.4 million, or US$0.34 per diluted share, compared with net income attributable to the company of US$121.8 million, or US$4.53 per diluted share, in the same period a year ago.
"Continued weak spot rates in all our core markets, except for VLCCs, resulted in a disappointing quarter," Morten Arntzen, President and CEO of OSG said.
{WISroYQ symbol='OSG'}
