OVERSEAS SHIPHOLDING GROUP I
SymbolOSG

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

Overseas Shipholding Group Reports Third Quarter and Year-to-Date 2009 Results

2009-11-02 06:45 ET - News Release

Highlights

  • Third quarter TCE revenues were $207.3 million, down from $434.7 million in the year ago period driven by declines in spot rates across all international flag segments
  • Net loss attributable to the Company was $19.6 million or $0.73 per diluted share compared with net income attributable to the Company of $197.8 million, or $6.69 per diluted share in the same period a year ago
  • Cost cutting efforts and the redelivery of 13 vessels quarter-over-quarter resulted in significant reductions in G&A and vessel expenses, down 13% and 16%, respectively
  • Cash and short-term deposit balances increased, liquidity increased and commitments on construction contracts decreased, all compared with June 30, 2009 levels
  • New $389 million secured financing facility to finance/refinance five vessels constructed in China

The remainder is available to Stockwatch subscribers.
If you would like to give the Stockwatch system a try, click here for a free 30 day trial subscription.