Overseas Shipholding Group Reports Fourth Quarter and Full Year 2022 Results |
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TAMPA, Fla.--(BUSINESS WIRE)--March 09, 2023-- Overseas Shipholding Group, Inc. (NYSE: OSG) (the "Company" or "OSG"), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the fourth quarter and full year 2022. -- Shipping revenues for 2022 were $466.8 million, an increase of $107.7 million compared to 2021. Shipping revenues for the fourth quarter of 2022 were $121.8 million, an increase of $26.3 million compared to the fourth quarter of 2021. -- 2022 net income was $26.6 million, or $0.29 per diluted share, compared to a net loss of $46.3 million, or $(0.51) per diluted share, in 2021. Net income for the fourth quarter of 2022 was $10.1 million, or $0.11 per diluted share, compared to a net loss of $3.7 million, or $(0.03) per diluted share, for the fourth quarter of 2021. -- Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the fourth quarter of 2022 were $114.1 million, an increase of $34.1 million, or 42.6%, from $80.0 million in the fourth quarter of 2021. Full year TCE revenues for 2022 were $426.3 million, a $133.7 million increase from 2021. -- Fourth quarter 2022 Adjusted EBITDA(B), a non-GAAP measure, was $43.6 million, an increase of $27.0 million, or 162.7%, from the fourth quarter of 2021. Full year Adjusted EBITDA for 2022 was $142.8 million, a $97.7 million increase from 2021. -- Total cash and investments(C) were $93.5 million as of December 31, 2022. -- In October 2022, the Company completed the share repurchase program initiated in June 2022. Subsequently, in November 2022, the Company repurchased five million shares of the Company's common stock from Cyrus Capital, a major stockholder. Total available cash of $29.0 million was used for 10 million of shares repurchased. -- In December 2022, the Company redelivered three conventional Jones Act tankers leased from American Shipping Company. In addition, in December 2022, the Company exercised its option to extend the terms of six chartered-in vessels for an additional three years, with terms now ending in December 2026.Sam Norton, President and CEO, offered the following comments on the quarterly and full year results announced today: "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. 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." Already a member? Sign In |
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