OSG America cash flow is full steam ahead

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Jul 2008

Citing strong revenue and cash flow for the first half of 2008, OSG America LP reported net income of $4.9 million for the second quarter ended June 30 and net income of $8.7 million for the first six months of the year. Revenue was $72.2 million for the second quarter and $135.3 million for the first six months of 2008. The company, which began operating as an independent public company following an initial public offering in November, did not include comparative financial information for 2007 in an earnings release.
OSG America LLC, the general partner of OSG America LP, declared a quarterly cash distribution of $11.5 million for the three months ended June 30. The distribution, in the amount of 37.5 cents per unit, will be paid on Aug. 13 to unit holders of record on Aug. 5, the release said.
OSG America LP, based in Tampa, is a master limited partnership that operates U.S. flag vessels that transport refined petroleum products. The company had 22 vessels at the end of the second quarter and expects to add 12 vessels over the next three years.

Source: Tampa Bay Business Journal