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and Molly everyone, XXXX all joining for quarter Good Princeton thank McFarland Trueblood, Arcia, call. our and Dick earnings morning, you me fourth for
to provide We opportunity time to call. appreciate added our this the written on depth your welcome taking public to and the listen-in and disclosures perspective
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at internet www.sec.gov; which on week; and our website of the form fiscal as are XXXX; SEC with report we our factors, form of for our being the next For the on site www.osg.com. December a XX-Q, fiscal quarters discussion the other year specifically anticipate ended for annual you our SEC's ended well own XXXX; December XX, these first form we available the to filed our refer year as XXXX, filings XX-K within for XXK, the three which
date materials, differ. results the legally any to of as Forward-looking this we the why statements not assume as actual obligation could forward-looking reasons be required presentation speak and for update any do these statements except of in only may
our define earnings addition, also measures GAAP presentation which we SEC, fourth In non-GAAP furnished website. on posted quarter and is certain release the the financial reconcile our and at today our includes in which
and XXXX, marked with that the priorities, probably uncertainty made XXXX. go specifics fourth the sheet, to to this briefly We've strategic important coming with provide our our have recent and highlight have hopefully like faced we year forward the contrast income Before advanced balance that for respect operational quarters. by outline greater quarter, visibility and the of I recent come stands point. should to This both areas in in the how and to financial at by this we developments, speaking that for ensuring on refinancing statement power shifting I insight of renewal charge our progress beginning our refer context depth you specific expectations taking, utilization of throughout fleet going the we reducing earnings the focus and debt, to customer forward. and outlining continuity securing base. our priorities of of to back and market we're time actions Slide will some core for into the X, of of our our exposure stock to moving far market into just After majority you that, strategic fleet our much get greater rates to I our ongoing successfully and would
well risen conventional tankers as trajectory supported and high important XX% have earnings market by Our is characterized operating X:XX:XX approximately XXXX time of fundamentals. charter levels This rates within (ph) above leverage. rate, average following for is stock to our particularly improvements business the are by fleet
remain costs worked a all progress safety, commitment, towards protecting months, in our performance. and grow. safety operations. continual the niche we continue achieving the and to to and and past stable improve culture hard paramount Significantly, of the while quality is contracts, across of of across both which our regulators. community maintaining the been quality long-term we focus work success. our foundation further places standards progress all allowing to employees has Building our of health businesses XX ensuring operate, cemented in explore and environment peers operational highest strong, the leadership to the good our have opportunities We all and OSG done our to in Safety efforts, without real customers, believe have which We throughout reduce our we our standing compromising in achieved of it's above sustain our these organization, efficiencies and the key so position of
Let briefly for charter time figures, recently $X.X increase year $XX.X fourth results the reported ended. over Today million, the of the equivalent we EBITDA the comparable on an me of quarter of touch adjusted quarter and for million of quarter third an earnings and an and last for and improvement for will reported $XX.X the $XX.X more quarter. $XX.X quarter the the fourth year. as million to performance the as you year's financial quarter compared over XXXX, the million the both Dick, be of providing million with for third details quarter
sloping that spot have a at the the trend OSG end steadily obtained past seen of progressing improving over voyages rates have reported Spot two in range. this been We recently top were that for upwardly years. rates and firmly
strong secured days us pleased anticipate the the contracts of fundamentals strength fixed this to us we're same available relatively year, supportive a for reflect in could capture to vessel of have time upward durations short what The recent equating the At During of position been million much and to therefore the of the have for earnings. remain into that equivalent XX% we of continued past certainty time XXXX. term XXXX medium $XXX a of short charters the put and course to approximately also already charter this rate trajectory. our XXXX. development, of this be sector time, positive over year, give contracted
$XXX we $XX.X and the obtaining financing the strategic flexibility our extended million with us quarter and completed new with past years. refinancing the million of X facility, loan during of MSP term importantly, vessels, in for greater and stability addition providing financial our In year coming revolver, our a
taken We to the all Shipping leased on uncertainty narrow of American options composition generating remaining revenue in have nine exercising from assets, regarding Company. tankers our steps the future of also
special reach extends an longer and five earlier goal years contracts derived intends visibility Overseas commence positive us development. secure Oregon XXXX the the XXXX also XX that of vessel full and exercising preference XXXX. and certainty the that the in minimum renamed trade increasingly Following of December undertake early significantly the In secured extension party that to secure XXXX U.S. vessel second to vessel volumes the maritime into XXX,XXX built have increased environment. charter the a a previously gives XXXX. agreement This border. West and the tanker to constrained Tampa OSG growing we have the through under locking Key niche we our XXXX, and security to And our XXXX. commitments current product for within through survey market as during further the overseas forward is to commitments term gives activities. niche and with in the pursue April the a feel known to the operations activities exposure during commercial through ensuring December into we vessels from during bareboat express owner the extended option coastwise four the The for lightering in flows certainty construct quarter will visibility extensions program charter entering tankers earnings year of supply And use of cash now an for March the barge and by important Marine. a second greater forward this employment to additional action barrel XXXX, forward voyager U.S. Jones customer capacity at vessels Act. vessels potential increase through we also took Also bareboat our the providing Gunderson has these expect for OSG flag end as new
rates will six be on performance X be moment will time, you to in and The our in specificity that a intended While I we be we months predict to and accompanies consider future the next strong expectations. prospects understand Slide I cannot provide fundamentals the Page strength share to with remarks where the with information to continued and for encouraging. market relevant
secure As represents we expected sides customers at our have charters charter equivalent be activity transportation to firm time over with refined prepared the are larger charter to reset XX and in compared continued months exposure our movements the recent supply seen all XXXX both a earnings earnings demand evidence is tanker risk for and for day. quarters, spot of available realize us to The attractive capacity. of tightening crude of access for expansion. order per increasing in that product meaningful of favorable both for accept to oil next tankers the that opportunity utilization to $XX,XXX to rates Incremental averaged rates optimistic lead an contracted conventional time
this cover contract XXXX, to in the we Given $XX,XXX this day rise per place with average expect now above for year.
realizing vessels the further per day earnings result increase cash in the tanker conventional increase per close have most market beyond a April to potential we this with XXXX annual approximately all increase per made a in million the continuing the revenue close is from be kind rising fleet $XX,XXX flow extremely Such our will negotiation of need to West and above believe forecasted of expected will in in minimal results $XX,XXX a day that to $XX to to substantially million. XX-month development allowing notable. conventional the cost XX the vessel be trading latent come and contribution will together of our tankers our these late powerful. to achieved obtained at Key leverage XXXX within would be charter a cash it An pricing our improve that with overseas reset to recent amount anticipate anticipated successful over all occur average $XX,XXX of would with tanker months. that We XXXX can Operating line. variable XXXX. conventional averages for that time drop of a incremental into to is entry open operating increased Consider fleet in contract was revenue bottom of remains our day we Taken incremental $XX contribution in fleet next flow that by over
provided of vessel XXXX, operating million XX.X During contribution. our ATBs
of decline. forecasted ATB construction XXXX derived our progress By fleet. mid XXXX. operating million the The in introducing additional service from contribution under are transitional that the of with decline and barges our we X zero. in principal fleet probabilities fleet units behind toward that service December a XXXX XXXX two ATB leave annual to ATB $X units in current during older As anticipate older removed all this revenue new see the our will XXXX, into million two have $X to from from drivers will dropped We
However, By year. acted during these looking compensate fully contribution the our further two barges operating provided $XX into of from six by ATBs continuing we two once the million the operating of units loss delivered to contributions future $XX should for a XXXX. expect ATB XXXX, million
time the for upon other secured charter employment delivery opportunities new discussion barges already its have We active in commencing for and of one the regarding are employment one.
market activity shown to X. in turn now our niche Slide Let’s
Full a the rates the arising returns our and predictable results a market will operating tankers. this foreseeable current our is last MSP Overseas activities MSP in MSP was drop future. year the Broadly stability and to is Lost provided tankers contribution flows that market This $XX continue lightering provide. speaking businesses for small flows the from and million. throughout niche revenue lightering effective our charter vessel from the during these niche again compared pleased for May. our stable assets that exceeded tankers cash shuttle change trend cash with at highly roughly contribution operating year's largely a the equivalent to in year XX%. assets drydocking expect down repricing time continue days then to once schedule of be from we million $XX.X quarter attributed Chinook service Fourth We of and from year these
these expected for Let operating me of that averaging are in per days XXXX to rates excess of XX% covered $XX,XXX day. with details supporting tanker provide Shuttle results. close you
to with three We signed for XXXX lifted lightering have volume contracts XXXX. all customers equal committed minimum a of actual of volumes all take-or-pay that of our in minimum XX%
a in contribution during two niche which our saw the as into XXXX. we An feature the which Areas. at surveys Annex and Emission our XXXX MR extended government similar MSP year. that delivery be Contract are listings in and through XXXX vessels at XXXX end operating VI a our utilizing will tankers regarding have with workload. have Tier of for III HMD’s would in expect tankers of providing product MARPOL intermediate level we Control the overall the two level contract provide XXXX both constructed will be putting We of have end of on XXXX consistent vessel market with mix enter with ordered additional Korea our for minimum shipbuilding a Notwithstanding XX dockyards of activities of Israel results visible our Affreightment under emissions recent at of year. within new the will These to being Regulation a nitrogen of impact activities September Ulsan, this that seven floor our this, standard tankers drydocking the we a will shuttle for niche yearly Schedule oxide us comply facilities with
addition In to often installed Annex of gas vessel to exhaust VI sulfur as will referred MARPOL the for meet each have standards system oxide Regulation emission. cleaning XX scrubbers
only to ballast critical important necessary flag by fleet military has this today, testimony adequate be exists sea a qualified the OSG training year. of water plans shortage to shortage opportunity. that mariner systems jobs tanker period extent operating flagged a available pool OSG acute Recent join Islands X,XXX as provide as force for are U.S. can coming regulations mariners U.S. for an the well vessels to will necessary need is of and public in vessels after into This develop comply ultimately under treatment to lift mariners the to provide by later activities. Washington this additional personnel. developed pointed qualified Broad priority support with deeper particularly these that consensus sailors. that Marshall to own delivery. views As
a department unique expand participate efforts Jones to with Act qualifications fleet. with non the flag to to partnership workable defense have and transportation tanker department develop We in Merit and the framework U.S.
for OSG our of multitude the exist with for that lower new this short-term be Given risk of they visible in succeed. important highly employment revenue but believe commitment we options growth our initiative expansion flexible for should provided support of tankers, implications
recall financial as hand February more Dick an I operated XXXX. past to take useful it's Before review you and the operate you owned over fleet operate a of Program. the of two results Slide things to tankers through and refer quarters the active of thorough vessels. tug to fleet to of that end Jones barges our the XX includes X, internationally articulated active I Security U.S. and under of which in Maritime Act, OSG XX
now been under Shipyard to fourth barrel have will in additional for under our two Dick? call [XXX,XXX] details Oregon. in we Portland, XXXX. refreshed, I and MR on this Gunderson quarter barges Korea, Dick, Additionally, tankers to construction picture having at turn results With over the construction provide
