Overseas Shipholding Group , the No. 2 independent tanker group, posted a narrower-than-expected quarterly loss as higher revenue days offset a decline in rates paid to it because of ship oversupply and a fragile global economy, Reuters reports.
Tankers ordered during the commodity boom about three years ago have now flooded the market, hurting demand. Japan's recent natural disaster and unrest in the Middle East and North Africa have further complicated matters.
"While our markets continue to show weakness, particularly crude freight rates, and our results remain disappointing, we believe our business is moving in the right direction," Chief Executive Morten Arntzen said.
January-March loss at Overseas widened to $34.6 million, or $1.15 a share, from $9.4 million, or 34 cents a share, a year ago. It was the company's eighth straight loss.
Time charter equivalent (TCE) revenue at the New York City-based company fell 10 percent to $206.6 million. Revenue days, however, increased 9 percent.
TCE is a used by the shipping industry as a standard measure of the average daily revenue performance of a vessel.
Analysts on average expected the 1969-incorporated company to lose $1.69 a share, on TCE revenue of $205.8 million, according to Thomson Reuters I/B/E/S.
The company's shares, which are down more than 20 percent this year, closed at $27.59 on Monday on the New York Stock Exchange.
Tankers ordered during the commodity boom about three years ago have now flooded the market, hurting demand. Japan's recent natural disaster and unrest in the Middle East and North Africa have further complicated matters.
"While our markets continue to show weakness, particularly crude freight rates, and our results remain disappointing, we believe our business is moving in the right direction," Chief Executive Morten Arntzen said.
January-March loss at Overseas widened to $34.6 million, or $1.15 a share, from $9.4 million, or 34 cents a share, a year ago. It was the company's eighth straight loss.
Time charter equivalent (TCE) revenue at the New York City-based company fell 10 percent to $206.6 million. Revenue days, however, increased 9 percent.
TCE is a used by the shipping industry as a standard measure of the average daily revenue performance of a vessel.
Analysts on average expected the 1969-incorporated company to lose $1.69 a share, on TCE revenue of $205.8 million, according to Thomson Reuters I/B/E/S.
The company's shares, which are down more than 20 percent this year, closed at $27.59 on Monday on the New York Stock Exchange.