Overseas Shipholding Group Q2 Net Income Rises; TCE Revenues Down 3.0%

(RTTNews) - Overseas Shipholding Group, Inc. (OSG) reported second-quarter net income of $12.3 million, or $0.15 per share, compared to $3.7 million, or $0.04 per share, prior year. The company said the increase in net income was primarily a result of decreases in voyage, vessel and charter hire expenses of $17.9 million when compared to the second quarter of 2022. Adjusted EBITDA was $39.5 million, an increase of 25.4%, from the second quarter of 2022.

Shipping revenues were $106.6 million, a decrease of 9.6%, compared to the second quarter of 2022. TCE revenues were $100.1 million, a decrease of 3.0%, from the second quarter of 2022.

Total cash and investments were $120.8 million as of June 30, 2023.

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