NEW YORK, Sept. 13, 2005 (PRIMEZONE) -- Overseas Shipholding Group, Inc. (NYSE:OSG) announced today that Morten Arntzen, President and CEO, will present at the Second Annual Jefferies Shipping Conference at 1:15 p.m. ET on Thursday, September 15, 2005. The conference will be held at the Mandarin Oriental Hotel in New York, New York.
The presentation is designed to provide conference attendees with an overview of the Company's growth strategy, business segments, market outlook and fiscal 2005 year-to-date results. For the six months ended June 30, 2005, OSG reported net income of $279.1 million, or $7.08 per share, more than double the net income of $121.6 million, or $3.13 per share, achieved in the first half of 2004. Time charter equivalent revenues for the first half of 2005 increased by 43% to $495.8 million, compared with $346.0 million in the first half of 2004. As a result of the Jobs Creation Act of 2004, the Company's year-to-date results benefited from the indefinite deferral of tax on the Company's foreign shipping income.
A live webcast of the conference presentation will be available on the Company's website at http://www.osg.com under events and webcasts in the investor relations section or via the Jefferies shipping conference website at http://www.jefferies.com/0905Shipping. A webcast replay of the presentation will be available for 90 days beginning at approximately 3:00 p.m. ET September 15, 2005 through December 15, 2005.
Overseas Shipholding Group, Inc. (OSG) is a market leader in global energy transportation services. The Company owns and operates International Flag and U.S. Flag fleets that transport crude oil, petroleum products and dry bulk commodities throughout the world. The Company's modern tanker fleet is comprised of 94 vessels aggregating 12.3 million deadweight tons. Organized in 1969 and headquartered in New York, New York, OSG also has offices in Athens, Newcastle, London, Manila and Singapore. More information about OSG is available at the Company's Web site at http://www.osg.com.