Overseas Shipholding Group, a market leader in providing energy transportation services, reported results for the first quarter of fiscal 2012 ended March 31, 2012.
Morten Arntzen, President and CEO stated, “Rates in our International Flag segments continue to be weak and volatile, but have improved from the last six months of 2011, which we believe was the bottom of the tanker cycle. The first quarter results for our International Products business were negatively impacted by an unseasonably warm winter, while the Crude market continues to struggle with excess supply. We began this quarter with healthier crude rates and a more balanced products market as the driving season in the U.S. approaches. At the same time, we are getting satisfying contributions from our U.S. Flag, LNG and FSO businesses.”
Mr. Arntzen concluded, “We remain intensely focused on executing a number of actions to strengthen the Company operationally and financially. These include further expense reduction initiatives on shore, a fleetwide effort to reduce fuel consumption at sea and a number of initiatives to increase liquidity. In this volatile environment, we will continue our patient approach to acquisitions, charter-in opportunities and newbuilding projects.”
[mappress] LNG World News Staff, May 2, 2012