Overseas Shipholding Group (NYSE: OSG) reported Q2 EPS of $0.03. Revenue for the quarter came in at $95.4 million.

• Net income for the second quarter was $3.1 million, or $0.03 per diluted share, compared with net income of $3.2 million, or $0.04 per diluted share, for the second quarter 2017.
• Shipping revenues for the second quarter 2018 were $95.4 million, down 0.9% compared with the same period in 2017. Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the second quarter 2018 were $86.0 million, down 5.6% compared with the second quarter 2017. These results reflect an active fleet of 22 vessels in the second quarter of 2018 compared to 24 vessels in the second quarter 2017.
• Second quarter 2018 Adjusted EBITDA(B), a non-GAAP measure, was $23.3 million, down 21.1% from $29.6 million in the second quarter 2017.
• Total cash(C) was $131.2 million as of June 30, 2018.
• In July 2018, the Company signed binding contracts with Hyundai Mipo Dockyard Company Ltd. for the construction of two 50,000 deadweight tons class product chemical tankers for anticipated delivery to the Company during the second half of 2019. Additionally, in July 2018, the Company signed a binding contract with Gunderson Marine LLC for the construction of one, approximately 204,000 BBL, oil and chemical tank barge for anticipated delivery to the Company during the first half of 2020.

Mr. Sam Norton, President and CEO, stated, “While seasonal softness in spot tanker rates has slowed the momentum of recent market gains, we remain confident that the mix of our revenue streams will continue to provide a solid foundation to capture the benefits of the continuing arc of improving fundamentals. Our niche businesses once again performed well and progress in securing more long-term charter contracts during recent months, coupled with resilience in our ATB earnings stream, gives cause to believe that our commercial chartering strategy is on the right track. Importantly, new contract signings for additions to our fleet position OSG well to reap economic rewards which are expected to materialize in the wake of new regulations coming into force over the next two years.”

For earnings history and earnings-related data on Overseas Shipholding Group (OSG) click here.