Tampa, Fla., headquartered U.S.-flag tanker and ATB operator Overseas Shipholding Group, Inc. (NYSE: OSG) today reported results for the second quarter 2022.
Highlights included:
“A return to profitability is perhaps the most gratifying highlight, as we ended the quarter with all vessels in operation for the first time since the onset of COVID-19,” said OSG president and CEO Sam Norton. “The long shadow of COVID-induced demand destruction seems to have finally receded, and the continued emergence of renewable diesel transport is providing favorable demand growth. Time charter equivalent earnings for the quarter exceeded $100 million for the first time in two years, and adjusted EBITDA of $31.5 million represents the best quarterly performance on this metric in many years.”
OSG president and CEO Sam Norton
“Our patience in seeking medium-term charters at remunerative rates for our conventional tankers and ATBs has also yielded positive results,” Norton added. “In recent weeks we have concluded employment contracts for our vessels securing nearly $250 million in forward time charter equivalent earnings over contract periods ranging from six to 36 months. As of today, we have fixed employment for 92% of available vessel days across the balance of 2022, and close to 80% of vessel available days for 2023. The welcome cash flow visibility that these fixed revenue streams will provide over the next 18 months should provide greater flexibility in managing opportunities for building on our recent achievements.”
