Welcome to our dedicated page for Octave Specialty Group news (Ticker: OSG), a resource for investors and traders seeking the latest updates and insights on Octave Specialty Group stock.
Octave Specialty Group, Inc. reports developments as a global specialty insurance firm focused on niche insurance distribution and underwriting businesses. News centers on its specialty property and casualty platform, P&C premium production, commission income, MGA/MGU expansion, and the integration of acquired businesses such as ArmadaCare. Coverage also includes Everspan Group, a nationwide admitted and non-admitted specialty P&C platform, and Xchange Benefits initiatives in accident and health and medical stop loss underwriting.
Corporate updates include quarterly results, annual meeting materials, auditor changes, leadership changes within operating subsidiaries, and governance provisions affecting transfers of Octave common stock.
Overseas Shipholding Group (NYSE: OSG) has secured a $49.15 million loan for a 7-year term to finance the construction of the new 204,000 barrel U.S. Flag oil and chemical ATB barge, the OSG 205, and to refinance the tug OSG Courageous. The barge, being built at Greenbriar Marine shipyard, will be delivered shortly. The transaction includes a collateral assignment of the vessel construction contract, ensuring the lender's first priority security interest in both the barge and tug. The new barge is set to begin service under a one-year time charter next month.
Overseas Shipholding Group (NYSE: OSG) reported its Q3 2020 results, showing significant improvement in shipping revenues, which reached $105.7 million, up 30.7% from Q3 2019. Net loss narrowed to $0.7 million or $(0.01) per diluted share, compared to a loss of $3.8 million or $(0.04) per share last year. Adjusted EBITDA was $21.8 million, a 35.7% increase. However, a 193-day increase in drydocking led to a $9.9 million revenue loss. The company strengthened its balance sheet, repaying a $24 million term loan, and highlighted confidence in a recovery for 2021.
Overseas Shipholding Group (NYSE: OSG) will release its third quarter results before market opens on November 6, 2020. A conference call will be held at 9:30 a.m. ET the same day to discuss the results. Participants can join by calling (844) 850-0546 for domestic or (412) 317-5203 for international access. A live webcast of the conference will also be available on the Company’s website. OSG operates a fleet of 21 U.S. Flag vessels in the energy transportation sector, emphasizing quality and safety in its services.