OVERSEAS SHIPHOLDING GROUP SEES 288% JUMP IN INCOME

OVERSEAS SHIPHOLDING GROUP SEES 288% JUMP IN INCOME

   Overseas Shipholding Group Inc. has reported a second quarter net income of $42.7 million, up 288 percent from the year-earlier period.

   The results include an $11.6-million after-tax gain on securities. The company says the improved results are a result of increases in time charter equivalent rates for all classes of the company's foreign-flag tankers and an increase in the size of the operating fleet.

   Net shipping revenues rose 35 percent to $106.6 million. Operating income more than doubled to $51.7 million from $25.6 million.

   For the first six months of 2001, net income reached $83.1 million, a 408-percent jump from the first half of 2000. The results include an after-tax restructuring charge of $5.7 million to cover costs of reductions of staff at the New York headquarters and transfer of ship management to a subsidiary in the United Kingdom.

   Net shipping revenues for the first half of 2001 totaled $233.3 million, a 66 percent increase. Operating income for the first half was $114.5 million, up 262 percent.