OSG reports 150% increase in 2nd quarter net income

OSG reports 150% increase in 2nd quarter net income    Overseas Shipholding Group Inc. (OSG), a New York-based owner and operator of tankers, product carriers, and LNG vessels, has posted second quarter net income of $114.2 million up 150 percent compared to net income of $45.4 million in the second quarter of 2004.
   The company's second quarter operating earnings before interest, taxes, depreciation and amortization (EBITDA) were $176.2 million, up 55 percent from $113.6 million for the comparable quarter of 2004.
   The company said it had combined shipping revenues from time, bareboat and voyage charters of $238.4 million, a 45 percent increase over $164.2 million in the second quarter of 2004.
   For the six months ending June 30, OSG reported net income of $279.1 million, more than double its net income of $121.6 million for the first half of 2004.
   OSG reported operating EBITDA for the recent six-month period of $399.7 million, a 48 percent increase over $270 million for the first half of 2004.
   First half combined revenues from time, bareboat and voyage charters of increased 43 percent to $513.8 million from $358.4 million.
   Morten Arntzen, president and chief executive officer of OSG, said second-quarter and half-year figures reflected the success of the company's expansion strategy, especially 'the significant benefits from our acquisition of Stelmar Shipping Ltd. on Jan. 20, through which we added 40 vessels to our fleet. Our product and U.S. flag segments deliver steady revenue from time charters, and our crude tankers — which trade primarily on the spot market — allow us to capitalize on the premium, albeit volatile, spot market rates.'
   As of June 30, OSG is the second-largest, publicly listed oil tanker owner in the world, measured by number of vessels. The company's operating fleet totals 95 ships, aggregating 12.4 million deadweight tons. Adjusted for OSG's participation in joint ventures and chartered-in vessels, its fleet totals 88 vessels aggregating 10.78 million deadweight tons.