Overseas Shipholding posts net loss in Q3

Wed. November 04, 2009; Posted: 09:40 AM

Nov 04, 2009 (Datamonitor via COMTEX) -- OSG | Quote | Chart | News | PowerRating -- Overseas Shipholding Group, a US-based bulk shipping company, has reported that net loss attributable to the company for the third quarter of 2009 was $19.6 million or $0.73 per diluted share, compared to a net income attributable to the company of $197.8 million or $6.69 per diluted share for the third quarter of 2008.

The company has reported time charter equivalent revenues of $207.3 million for the third quarter of 2009, a decrease of 52%, compared to $434.7 million for the corresponding period of 2008.

The company's earnings for the first nine months ended September 30, 2009 were $93.3 million or $3.47 per diluted share, compared to $397.2 million or $12.99 per diluted share for the same period of 2008.

Time charter equivalent revenues for the first nine months of 2009 decreased 37% to $748.5 million, compared to $1.2 billion for the first nine months of 2008.

Morten Arntzen, president and CEO of the company, said: "As expected, we faced very tough market conditions during the third quarter. Year-over-year contractions in global oil demand and oil production, notably by Saudi Arabia, were exacerbated by continued poor refining environments."

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For full details on Overseas Shipholding Grp (OSG) click here. Overseas Shipholding Grp (OSG) has Short Term PowerRatings of 7. Details on Overseas Shipholding Grp (OSG) Short Term PowerRatings is available at This Link.

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