Tampa, Fla., headquartered U.S.-flag tanker and ATB operator Overseas Shipholding Group, Inc. (NYSE: OSG) right this moment reported its outcomes for the fourth quarter and full yr 2022.
Highlights included:
- Shipping revenues for 2022 have been $466.8 million, a rise of $107.7 million in comparison with 2021. Shipping revenues for the fourth quarter of 2022 have been $121.8 million, a rise of $26.3 million in comparison with the fourth quarter of 2021.
- 2022 internet earnings was $26.6 million, or $0.29 per diluted share, in comparison with a internet lack of $46.3 million, or $(0.51) per diluted share, in 2021. Net earnings for the fourth quarter of 2022 was $10.1 million, or $0.11 per diluted share, in comparison with a internet lack of $3.7 million, or $(0.03) per diluted share, for the fourth quarter of 2021.
- Time constitution equal (TCE) revenues(A), a non-GAAP measure, for the fourth quarter of 2022 have been $114.1 million, a rise of $34.1 million, or 42.6%, from $80.0 million within the fourth quarter of 2021. Full yr TCE revenues for 2022 have been $426.3 million, a $133.7 million enhance from 2021.
- Fourth quarter 2022 Adjusted EBITDA(B), a non-GAAP measure, was $43.6 million, a rise of $27.0 million, or 162.7%, from the fourth quarter of 2021. Full yr Adjusted EBITDA for 2022 was $142.8 million, a $97.7 million enhance from 2021.
“Operational and financial performance during the final quarter of 2022 exceeded our expectations and allowed OSG to deliver full year results for both time charter equivalent earnings and adjusted EBITDA well above the guidance provided in early November,” mentioned OSG president and CEO Sam Norton. “Strong contributions during the quarter from our lightering and non-Jones Act assets were instrumental in achieving this performance. We are particularly gratified by the full year adjusted EBITDA figure, which at $142.8 million reflected an over 200% improvement over 2021 adjusted EBITDA; this while completing a heavy drydock schedule during the year and returning three MR tankers upon expiry of their leases in early December. Year-end cash balances, including investments in treasury securities, came in squarely within the guidance range provided in November at $93.5 million.”
“Improving market conditions have resulted in OSG achieving more stability in its financial profile and greater visibility of forward cashflows to an extent not seen for many years,” added Norton. “All Jones Act assets are fixed under time charters or contracts of affreightment for the balance of 2023, and nearly 80% of 2024 available days are also fully covered at attractive rates. The business environment for OSG has shifted away from the defensive posture that has characterized much of the past three years. We can now look forward to evaluating real opportunities to extend and expand the cash generating capabilities of our unique franchise while continuing to consider means to utilize surplus cashflow to reduce leverage and drive improving share price performance.”
