Overseas Shipholding Group, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
March 11, 2024 at 07:35 am EDT
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Overseas Shipholding Group, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported revenue was USD 116.02 million compared to USD 121.76 million a year ago. Net income was USD 20.42 million compared to USD 10.09 million a year ago. Basic earnings per share from continuing operations was USD 0.28 compared to USD 0.12 a year ago. Diluted earnings per share from continuing operations was USD 0.26 compared to USD 0.11 a year ago.
For the full year, the company reported revenue was USD 451.87 million compared to USD 466.8 million a year ago. Net income was USD 62.45 million compared to USD 26.56 million a year ago. Basic earnings per share from continuing operations was USD 0.8 compared to USD 0.3 a year ago. Diluted earnings per share from continuing operations was USD 0.77 compared to USD 0.29 a year ago.
Overseas Shipholding Group, Inc. provides liquid bulk transportation services. The Company owns and operates a fleet of oceangoing vessels engaged in the transportation of crude oil, petroleum, and renewable transportation fuels in the United States Flag trade. Its United States Flag fleet consists of Suezmax crude oil tankers, conventional and lightering articulated tug barges (ATBs), shuttle and conventional medium range (MR) tankers, and non-Jones Act MR tankers that participate in the United States Tanker Security Program. It owns and operates a combined fleet of approximately 21 vessels all of which are registered in the United States. It primarily charters its vessels to customers for use over specific periods of time at fixed daily amounts contractually established through time charters. It also charters its vessels for specific voyages at spot rates. Its customers include independent oil traders, refinery operators and United States and international government entities.