OSG Reports 2Q Results
For the quarter ended June 30, 2007, Time Charter Equivalent (TCE) revenues were $274.2m, an increase of 27% from $216.3 million for the same period of 2006. The increase reflects the acquisitions of Maritrans in November 2006 and the Heidmar Lightering business in April 2007 and an increase in average daily TCE rates for VLCCs and Handysize Product Carriers. EBITDA(1) for the quarter increased 36% to $148.5 million from $109.1 million in the comparable period of 2006. Net income for the period increased 31% to $79.0 million, and diluted EPS increased 50% to $2.28 per share compared with $60.2 million, or $1.52 per diluted share, for the same period a year ago.
OSG to Acquire Heidmar Lightering
Inc. a subsidiary of Morgan Stanley Capital Group Inc. The operation, a fleet of four International Flag Aframax tankers and two U.S. Flag workboats, provides crude oil lightering services to refiners, oil companies and trading companies primarily in the U.S. Gulf. contracts. tankers. entering into definitive documentation. significant Aframax cargo and logistical system in the Atlantic basin. In addition, it provides opportunities to serve U.S. customers with lightering service using OSG's Panamax tankers. since beginning operations in November 2002. Houston. and Head of OSG's Crude Tanker unit.