Overseas Shipholding Group

Zacks Equity Research, On Wednesday May 4, 2011, 8:30 am EDT

Overseas Shipholding Group Inc. (NYSE: OSG - News), the second largest independent oil tanker company in the world, reported mounting losses in the first quarter of 2011. Despite this, quarterly results beat the Zacks Consensus Estimates. Overseas Shipholding has a massive 80% spot exposure. The average spot rate of oil tanker fell 77% in the last quarter, which significantly eroded the company’s bottom line.