OSG America Reports Net Loss

2 November 2009 (Last Updated November 2nd, 2009 18:30)

OSG America has reported a third-quarter net loss of $10m, compared with $9.7m during the same period in 2008, on a fall in US oil demand. The company reported total revenue of $71.1m, compared with $74.2m in the third quarter of 2008. In a statement the Tampa-based shipping c

OSG America has reported a third-quarter net loss of $10m, compared with $9.7m during the same period in 2008, on a fall in US oil demand.

The company reported total revenue of $71.1m, compared with $74.2m in the third quarter of 2008.

In a statement the Tampa-based shipping company said that it is suspending its third-quarter distribution to common and subordinated unitholders.

The net loss of OSG America included impairment charges of $12.5m, compared with $19.3m in the year-ago period.

US oil demand in Q3 was nearly 18.3 million barrels per day (bpd), down 600,000bpd compared with 2008, according to the company.

OSG America president and chief executive Myles Itkin said that it was the seventh consecutive quarterly decline in US oil demand.