NEW YORK, May 10, 2005 (PRIMEZONE) -- Overseas Shipholding Group, Inc. (NYSE:OSG) announced today that Ian Blackley, Vice President, Treasury OSG Ship Management, Inc. is presenting at the UBS Leveraged Finance Conference at 4:00 p.m. PT on Wednesday, May 11, 2005. The conference will be held at the Wynn Las Vegas in Las Vegas, Nevada.
The presentation is designed to provide conference attendees with an overview of the Company's growth strategy, business segments, market outlook and first quarter fiscal 2005 results. For the three months ended March 31, 2005, OSG reported net income of $164.9 million or $4.18 per share, more than double the net income of $76.2 million, or $1.99 per share, achieved in the first quarter of 2004. EBITDA for the first quarter rose by 43% to $223.4 million compared with $156.4 million in the first quarter of 2004 and time charter equivalent revenues in the quarter increased by 41% to $267.2 million compared with $188.9 million in the first quarter of 2004. As a result of the Jobs Creation Act of 2004, the Company's first quarter results benefited from the indefinite deferral of tax on the Company's foreign shipping income.
A live webcast of the conference presentation and the question and answer session will be available on Overseas Shipholding Group's website at http://www.osg.com under webcasts and presentations in the investor relations section or via http://www.ibb.ubs.com. A webcast replay of the presentation will be available for 30 days beginning at 7:00 p.m. PT May 13, 2005 through June 12, 2005.