Overseas Shipholding Group reports second quarter 2017 results
Overseas Shipholding Group, Inc. a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, has reported results for the second quarter 2017.
Income from continuing operations for the second quarter was $3.2 million, or $0.04 per diluted share, compared to a net loss from continuing operations of $4.2 million, or ($0.04) per diluted share, for the second quarter 2016.
Shipping revenues were $96.2 million for the current quarter, a decrease of 18.7% from $118.4 million in the prior year quarter. Time charter equivalent (TCE) revenues(A) for the second quarter 2017 were $91.1 million, down 20.6% compared to the same period in 2016.
Net income was $3.2 million for the quarter ended June 30, 2017, compared to $29.9 million for the quarter ended June 30, 2016.
Net income for the prior year period included income from discontinued operations from International Seaways (INSW) of $34.0 million.
Second quarter 2017 adjusted EBITDA(B) was $29.6 million, down 35.6% from $46.0 million in the same period in 2016.
Cash and cash equivalents were $204.6 million at June 30, 2017. Total cash(C) was $210.5 million at the end of the current quarter.
During the second quarter 2017, we repurchased and retired $4.6 million in principal of the 8.125% notes due in 2018.