Overseas Shipholding Profits Up by 31%

 

Adjusted EBITDA was $113.7 million, up 31% from $86.6 million in the same period in 2014.

 

Net income for the first quarter was $42.9 million, compared to $12.6 million in the same period in 2014.

 

Time charter equivalent (TCE) revenues for the first quarter of 2015 totaled $221.6 million, up 3% compared with the same period in 2014 even as revenue days decreased by 18%.

 

VLCC spot rates increased to approximately $49,300 per day in the first quarter, up 54% compared with the same period in 2014 and the highest average first quarter VLCC spot rates in five years.

 

Total cash was $595.3 million as of March 31, 2015, growing from $512.4 million at the end of 2014.

 

“Our first quarter performance was a strong start to the year and we remain well positioned in both our domestic and international businesses to capitalize on the strength of the tanker markets,” said Captain Ian T. Blackley, OSG’s president and CEO. “With 80 vessels on the water generating cash, I remain excited by our prospects and am confident in our ability to create value for our shareholders.”