Overseas Shipholding Group Expects Improved Demand as Vaccinations Progress
Overseas Shipholding Group, Inc., a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the first quarter 2021.
Net loss for the first quarter 2021 was $15.9 million, or $(0.18) per diluted share, compared with net income of $25.1 million, or $0.28 per diluted share, for the first quarter 2020. The first quarter of 2020 included a $19.2 million gain related to the acquisition of the Alaska Tanker Company.
In April, we entered into a contract to sell the Overseas Gulf Coast for $32.5 million. Based on the negotiated sale terms, the transaction will result in a $5.4 million loss, which we recorded in the first quarter of 2021. The sale of this unencumbered asset will provide additional liquidity.
American Constellation on the Inside Passage, which is in the southeastern region of the state.
Eight-night Southeast Alaska cruises will operate roundtrip from Juneau. 11-night Alaskan Explorer cruises venture further into the Inside Passage, Clarence Straight, Tracy Arm, and Glacier Bay. The longer 11-night voyages will also be offered roundtrip from Juneau, as well as from Ketchikan to Juneau.
American Constellation in Alaska (Photo courtesy of American Cruise Lines)
American Cruise Lines operates small United States-built, crewed, and flagged vessels, which hold just 100 to 190 passengers and visit only domestic ports of call. The company has worked closely with local and state officials in southeast Alaska and across the country to safely bring back domestic small-ship cruising in the United States.
OSG posts shipping revenues of $418 7 million for the full year 2020 shippingherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from shippingherald.com Daily Mail and Mail on Sunday newspapers.
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Overseas Shipholding Group Reports Fourth Quarter and Full Year 2020 Results
April 7, 2021 GMT
TAMPA, Fla. (BUSINESS WIRE) Apr 7, 2021
Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the fourth quarter and full year 2020.
Highlights
Net income for the full year 2020 was $30.0 million, or $0.33 per diluted share, compared with $8.7 million, or $0.10 per diluted share for the full year 2019.
Net loss for the fourth quarter was $844 thousand, or $(0.01) per diluted share, compared with net income of $11.0 million, or $0.12 per diluted share, for the fourth quarter 2019.
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Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the fourth quarter and full year 2020.
Highlights
Net income for the full year 2020 was $30.0 million, or $0.33 per diluted share, compared with $8.7 million, or $0.10 per diluted share for the full year 2019.
Net loss for the fourth quarter was $844 thousand, or $(0.01) per diluted share, compared with net income of $11.0 million, or $0.12 per diluted share, for the fourth quarter 2019.
Shipping revenues for the fourth quarter 2020 were $97.5 million, down 0.9% compared with the fourth quarter 2019. Shipping revenues for the full year 2020 were $418.7 million, up 17.8% compared with the full year 2019.