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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Overseas Shipholding Group
Overseas Shipholding Group (OSG) investor relations material
Overseas Shipholding Group has been delisted
Overseas Shipholding Group Q1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2024 earnings summary10 May, 2024
Executive summary
Q1 TCE revenue was $110.7M, adjusted EBITDA $43.9M and net income $14.6M versus $12.1M; vessel operating contribution was $52M.
Shipping revenue rose 3.3% to $117.5M, supported by higher fleet rates, Delaware Bay lightering volumes and fewer repair days.
2024 contracted days represented 96% of available days; fleet employment was 97% of available days.
Financial highlights
Shipping revenue was $117.5M versus $113.8M; time and bareboat charter revenue rose to $95.9M from $84.1M, while voyage charter revenue fell to $21.6M from $29.7M.
Operating income was $23.5M versus $22.5M; net income was $14.6M versus $12.1M.
TCE revenue rose 5.7% to $110.7M; voyage expenses fell 24.9% to $6.8M.
Adjusted EBITDA increased 7.3% to $43.9M from $40.9M, primarily on higher TCE revenue.
G&A expense increased 32.0% to $10.4M, primarily from compensation, headcount and legal expenses; depreciation and amortization rose 12.1% to $18.0M.
Outlook and guidance
COA minimum contractual consideration is expected to generate $36.7M revenue for the remainder of 2024 and $14.6M in 2025, based on estimated future services.
TSP payments were $3.0M in Q1; up to $6.0M per vessel is expected in 2024, subject to a 180-day limit for vessels on U.S. government time charters.
Alaska engine upgrades are expected to deliver 15–20% fuel savings versus original design and lower carbon output, while preparing engines for potential methanol use.
Management described Q1 as a positive start toward 2024 financial targets and expressed confidence in opportunities across served sectors.
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Frequently asked questions
Overseas Shipholding Group Inc. is a shipping company that provides marine transportation services for crude oil and petroleum products. The company operates a fleet of tankers, including both U.S.-flagged and international vessels, serving domestic and global energy markets. Its services include crude oil transport, refined petroleum product delivery, and transportation for chemical and specialty liquid cargoes. The company is headquartered in Tampa, Florida, and its shares are listed on the NYSE.