Overseas Shipholding Group (OSG) Misses Q3 EPS Views
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OSG Announces Key Appointments to International Seaways Management Team
November 9, 2016 7:02 AM ESTNames Lois Zabrocky Chief Executive Officer and Jeffrey Pribor Chief Financial Officer
Announces International Seaways Board of Directors
NEW YORK--(BUSINESS WIRE)-- Overseas Shipholding Group, Inc. (NYSE: OSG) (the Company or OSG), as previously announced, is pursuing a spin-off of its international business and announced today key executive appointments for what will be an industry-leading international crude and product tanker company, International Seaways, Inc., once the transaction is complete.
Following the spin-off, Lois K. Zabrocky will become president and chief executive officer of International Seaways,... More
Overseas Shipholding Group Reports Third Quarter 2016 Results
November 9, 2016 7:00 AM ESTNEW YORK--(BUSINESS WIRE)-- Overseas Shipholding Group, Inc. (OSG) (NYSE: OSG), a provider of oceangoing energy transportation services, today reported results for the quarter ended September 30, 2016.
Highlights
Time charter equivalent (TCE) revenues(A) for the third quarter of 2016 were $186.8 million, down 20% compared with the same period in 2015. Net loss for the third quarter was $98.7 million, or $1.10 per diluted share, compared with net income of $173.4 million, or $1.79 per diluted share, in the third quarter of 2015. The decrease reflects the impact of pre-tax vessel impairment charges of $147.4 million recorded... More