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OSG still singing the blues despite profits being in tune.
(From Lloyds List)
Byline: Rajesh Joshi in New York
A LARGER annual net profit on the back of a bigger fleet could not mute market blues at Overseas Shipholding Group as timecharter equivalent rates on the tanker giant's bigger ships took a heavy beating.
As fourth quarter net profit of $2.78 fell far short of Wall Street expectations of as much as $5 or more, OSG's share price opened 5% weaker in New York, at $48.45.
However, OSG announced a 43% increase in quarterly dividend, to 25 a share.
OSG's very large crude carrier fleet reported TCE earnings of $68,619 and $57,904 on the fourth quarter and full year respectively, as against $109,578 and $75,436 last year.
Aframaxes returned TCE earnings of $38,823 and $33,157 on the two periods, as against $57,579 and ...
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