Maersk Qatar News

Overseas Shipholding Group’s Q4 2009 results were aided by an unexpected tax credit. OSG reported a loss of $0.59 excluding one-time items versus our ($1.02) forecast and the Street’s ($1.25) forecast. However a $30.5 million tax credit for 2009 against 2004 earnings led to the earnings beat, as earnings without the tax credit would have been ($1.73). The actual cash tax credit will be $43 million, which OSG will receive in 2010. TCE revenues were $5 million below our forecasts on slightly lower utilization than we had expected while G&A costs of $36 million were $5 million higher than we forecast. Management guided stronger 1Q10 results.OSG disclosed that 66% of its spot VLCC days have been fixed at an average of $50,000/day, with 57% of its spot Aframax days done at $25,000/day.

The naming ceremony of the ship owned by a consortium of A.P. Moller and Qatar Shipping was held at Samsung Shipyard in South Korea recently. Maersk Qatar has an LNG cargo carrying capacity of 145,000m3 and will enter RasGas service by the month-end. Maersk Ras Laffan, the first A.P. Moller and Q-Ship vessel was delivered to RasGas in 2004. Maersk Qatar is the final ship in the series to be delivered to RasGas. RasGas will charter these vessels for a firm period of 25 years to deliver LNG from the existing and future facilities at Ras Laffan Industrial City. (Source: Gulf Times)