OSG reports higher profits
New York-based Overseas Shipholding Group reported net income of $79 million, up from $60 million in the year-earlier period.
Revenue improved to $300 million from $231 million in the year-earlier period.
“We had an exceptional second quarter, with notable contributions from our VLCC (very large crude carrier) and product carrier segments,” said Morten Arntzen, chief executive officer.
“During the quarter we enhanced our commercial footprint by increasing our presence in the larger product carrier sector and establishing OSG Lightering in the U.S. Gulf. These activities fit perfectly into our existing global shipping platforms,” he added.
The company said “time charter equivalent” revenue increased 27 percent to $274.2 million, reflecting the acquisitions of petroleum products barge company Maritrans in November 2006 and the Heidmar Lightering business in April 2007, as well as an increase in average daily time charter equivalent rates for VLCCs and handysize product carriers.
OSG reports higher profits
