Overseas Shipholding Group Inc (NYSE:OSG) Q3 2019 Earnings Conference Call - Final Transcript

Nov 08, 2019 • 09:00 am ET


Overseas Shipholding Group Inc (NYSE:OSG) Q3 2019 Earnings Conference Call - Final Transcript


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Good day and welcome to the Overseas Shipholding Group Third Quarter 2019 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Sam Norton, President and CEO. Please go ahead.

Samuel H. Norton

Thank you, Sarah. Good morning everyone. I'm joined today by Dick Trueblood, Molly Arcia, and Princeton McFarland for OSG's 2019 third quarter earnings call. As always, we welcome the opportunity to provide added depth and perspective to our press release and other disclosures and appreciate your taking time to listen in on this call.

Prior to beginning our review of the past quarter, I would like to direct everyone to the narrative on Pages two and three of the PowerPoint presentation available on our website regarding forward-looking statements, estimations, and other information which may be provided during the course of this call. The contents of this narrative are an important part of this presentation and I urge everyone to read and consider them carefully. We will be offering you more than just an historical perspective on OSG today and our presentation includes forward-looking statements including statements about anticipated future results. These statements are subject to uncertainties and risks. Actual results may differ materially from projections and could be affected by a variety of risk factors including factors beyond our control. For a discussion of these factors, we refer you specifically to our Annual Report on Form 10-K for the fiscal year ended December 31st, 2018 our Form 10-Q for the quarters ending March 31st, 2019 and June 30th, 2019 and our other filings with the SEC which are available at the SEC's Internet site www.sec.gov as well as on our own website www.osg.com. Forward-looking statements in this presentation speak only as of the date of these materials and we do not assume any obligation to update any forward-looking statements except as may be legally required for the reasons why actual results could differ.

In addition our presentation today includes certain non-GAAP financial measures, which we define and reconcile to the most closely comparable GAAP measure in our third quarter earnings release furnished to the SEC and which is also posted on our website.

Overall, we are pleased with our fleet's performance during the third quarter and continue to see clear strength and fundamentals that underpin our expectations for meaningful earnings growth which has begun and is expected to continue developing over the coming years. I will leave it to Dick to take you through the specifics of the financial performance of our fleet during the past quarter. I would like to share with you highlights of progress towards achieving our strategic objectives.

We set out at the beginning of this year with an objective of securing stable cash flows for the near-term, while maintaining short-term market exposure so as to position ourselves to benefit from what we believe to be an emerging recovery in the Jones Act tanker and ATB trades.