Overseas Shipholding Group Reports Record First Half Results

Friday, August 08, 2003
Overseas Shipholding Group, Inc. reported $86 million of net income for the first six months of 2003, the highest earnings during the first six months of any year in the Company's history. Net income for the quarter ended June 30, 2003 was $41,840,000, or $1.21 per share, compared with net income of $3,670,000, or $0.11 per share, in the second quarter of 2002. Results for the second quarter of 2003 include a $2,178,000, or $0.06 per share, after tax gain from securities transactions versus a $4,269,000, or $0.12 per share, after tax gain from securities transactions in the prior year. Time charter equivalent revenues for the quarter were $120,297,000, almost double the $63,321,000 recorded in the same period last year, while operating income for the current quarter increased to $70,756,000 from $9,476,000 in the second quarter of 2002. Net income for the first six months of 2003 was $86,075,000, or $2.50 per share, compared with $4,414,000, or $0.13 per share, for the corresponding period of 2002. Results for the first six months of 2003 include a $3,574,000, or $0.10 per share, after tax gain from securities transactions. Results for the first six months of 2002 include a $4,008,000, or $0.12 per share, after tax gain from securities transactions. Time charter equivalent revenues were $241,427,000 in the first half of 2003 compared with $127,200,000 in the corresponding period of 2002, while operating income increased to $144,838,000 from $20,956,000 in the first half of 2002.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1038 sec (10 req/sec)