来源：Tradewinds by By Gary Dixonin London (01/05/2012)
翻译：国际海事信息网 汪涛 姚婉悦
Pain goes on for OSG
US tanker owner Overseas Shipholding Group (OSG) has logged its twelfth consecutive quarterly
loss as debt rose to $2.24bn.
The New York-listed company said the net deficit to 31 March was $34.81m, from $34.55m in the
same three months of 2011.
Revenue in the first quarter was $292.37m, against $263.66m, but costs increased to $316m from
$289.5m as bunker prices continued to exert pressure.
The owner accentuated the positives: time charter equivalent (TCE) earnings rose 4% to $214m,
in line with 559 extra revenue days as it took delivery of new ships.
Earnings improved for VLCCs, suezmaxes and US-flagged ships, more than offsetting lower
profit from smaller crude tankers.
Its products fleet produced $6.6m more in earnings as it expanded and MRs bagged slightly higher
CEO Morten Arntzen said: "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.”
He added that there had been satisfying contributions from the US-flagged ships, plus the LNG
and FSO businesses.
Arntzen said the focus remained on cutting onshore costs, reducing fuel consumption and
developing initiatives to boost liquidity.
He added: “In this volatile environment, we will continue our patient approach to acquisitions,
charter-in opportunities and newbuilding projects."
It cut general and administrative expenses by $3.3m to $21.1m over the quarter, mainly as a result
of reducing compensation and benefits as staff numbers were lowered.
Total debt was $2.24bn, up from $2.07bn as of 31 December, 2011.
By Gary Dixonin London
Published: 11:08 GMT, 01 May 12 | updated: 11:08 GMT, 01 May 12