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OSG’s $180m swing
Overseas Shipholding Group (OSG) reported a near $180m swing in income to return to the black in the first quarter.
OSG, which now trades over the counter in the US, booked a gain of $10.42m in the first three months of 2014 from a $167.76m deficit last time around.
The turnaround as it prepares to exit Chapter 11 came as revenue grew from $247.44m to $292.45m year-on-year.
Despite costs also creeping up, operating income sprang from $11.51m a year ago to $40.99m in the first stretch of 2014.
OSG’s return to profit came despite the continued legal costs associated with its restructuring.
It paid $29.26m in professional fees during the first quarter this year.