Overseas Shipholding Group, a provider of oceangoing energy transportation services, reported results for the fourth quarter and full year 2015.
The company reported net income of $9.3 million in its fourth quarter. The crude oil and petroleum transportation company posted revenue of $243.7 million in the period.
For the year, the company reported profit of $284 million, or 49 cents per share. Revenue was reported as $964.5 million.
The Board has declared a dividend of $0.08 per share. “We are pleased to report strong results for the 4th quarter and full year 2015,” said Captain Ian T. Blackley, OSG’s president and CEO.
“The positive supply and demand fundamentals in the international tanker market, with ton-mile demand expansion in both crude and product sectors, along with the successful execution of our operating strategy drove impressive results in our International business," he added.
"The strong cash generation from our 79 vessel fleet and the successful execution of several key transactions have strengthened our financial position and provide us with maximum flexibility as we evaluate strategic alternatives," Captain Ian said.
Overseas Shipholding Group, Inc. is a provider of global energy transportation services. It operates a fleet of international and U.S. Flag vessels that transport crude oil, refined petroleum products and liquefied natural gas (LNG) worldwide.