Published on 12 Mar 2024 on GuruFocus.com via Yahoo Finance
Overseas Shipholding Group Inc Reports Solid 2023 Results with Net Income Surge
Net Income: $62.5 million for 2023, a significant increase from $26.6 million in 2022.Adjusted EBITDA: Reached $175.7 million, up 23.1% compared to the previous year.Shipping Revenues: Declined slightly by 3.2% to $451.9 million in 2023 due to fleet size reduction.Operating Income: Improved to $96.9 million in 2023 from $63.2 million in 2022.Time Charter Equivalent (TCE) Revenues: Decreased marginally by 0.7% to $423.5 million.Capital Allocation: Progress in key goals with vessel investments, share repurchases, and dividend payment.
Warning! GuruFocus has detected 5 Warning Signs with OSG.
On March 11, 2024, Overseas Shipholding Group Inc (NYSE:OSG) released its 8-K filing, announcing the financial results for the fourth quarter and full year of 2023. OSG, a prominent player in the energy transportation sector, operates a fleet of approximately 21 vessels, providing crucial services for crude oil and petroleum products within the U.S. Flag markets.