Overseas Shipholding Group (NYSE: OSG) reported Q3 EPS of $0.13. Revenue for the quarter came in at $80.54 million.

Mr. Sam Norton, President and CEO, stated, “The third quarter saw OSG make meaningful progress in executing on its business plan, notwithstanding our short-term financial results. Highlights for the quarter are that we secured multiple new term-charter fixtures, extended our contract of affreightment with the Government of Israel through the end of 2020, and announced contracts for the construction of two new tankers and one new barge. We are well along the path to refinance and fully pay off our term debt which matures in August 2019 using a combination of cash and new debt. We have in hand commitments exceeding $325.0 million from a syndicate of lenders for a new term loan, as well as a second loan with another lender of $27.5 million, both of which we anticipate closing in the coming weeks. We expect these financings to add longer-term stability to our balance sheet, clearing the path for the pursuit of expansion opportunities. We are confident that the trajectory and mix of our revenue streams position the Company well to benefit from the continuing arc of improving fundamentals.”

Highlights

• Net income for the third quarter was $11.9 million, or $0.13 per diluted share, compared with a net loss of $6.3 million, or $(0.07) per diluted share, for the third quarter 2017.
• Shipping revenues for the third quarter 2018 were $80.5 million, down 13.7% compared with the same period in 2017. Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the third quarter 2018 were $72.1 million, down 15.1% compared with the third quarter 2017.
• Operating loss for the third quarter of 2018 was $(4.1) million, compared to operating income of $0.6 million in the third quarter of 2017.
• Third quarter 2018 Adjusted EBITDA(B), a non-GAAP measure, was $9.2 million, down 59.1% from $22.6 million in the third quarter 2017.
• Total cash(C), a non-GAAP measure, was $124.2 million as of September 30, 2018.

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