Overseas Shipholding Reports Profit In Q4; Shipping Revenues Up 10.3%

(RTTNews) - Overseas Shipholding Group, Inc. (OSG), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, reported net income for the fourth quarter of $11.0 million, or $0.12 per share, compared to net loss of $5.2 million, or $0.05 per share, a year ago. Adjusted EBITDA was $33.7 million for the quarter, an increase of $10.6 million from last year, driven primarily by the increase in TCE revenues.

Fourth-quarter shipping revenues were $98.4 million, up 10.3% compared with the fourth quarter 2018. TCE revenues were $93.8 million, an increase of 17.3% from last year.