of tangible markets, the of a Thanks, demand improvements continuation resulting Sam. a Act in market. a rebalancing supply reduction and combination by for within the Jones the refined XXXX of crude vessel and from demonstrates results transportation our oil of
this and transportation. commitments interest has at the tightening growing a in demand resulted lengthening charter profitable charter time with ensure rates, their rates to customers we access As from time to believe, pricing market in an
delivery As ended, These Coast. were charters. the Overseas renewal we tangible the and under of Coast market. the Marshall both XXXX the Sun spot X-year no XX, September Overseas available are our accepted Islands operating of fleet. represents expression first flagged Gulf there time in of At vessels This vessels
national The per enacted to law, in program time would into Security Flag if The creation enacted, of TSP. war. Military Program, U.S. TSP the for for provide our vessels States of government ultimately United a stipend. under create Tanker a the would to use we will the million $X reflag support and the continued the annual XX-tanker consider or vessel emergency If in U.S.
Please XX. turn to Slide
tankers Act continue to an open use in see quarter, arbitrage, through oil encourages the the is continues this and spread crude During and most is This was WTI that and the and a positive when performance fourth favorable refinery resulted operations. open, for pricing. evident Jones the Houston Bonny domestic XXXX the we of between of arb
QX, the Gulf Coast, Coast from more We Please The to revenue turn XXXX. than higher during to the quarter. adjusted from quarter. almost as of increased Israel year-over-year Slide of million, and days, TCE reached exceeding increased XX% initial concentration EBITDA fourth charter correspondingly fourth TCE quarter. quarter million. XX. and demonstrated XXXX, QX a fourth our strong $XX.X the TCE Sun revenue in revenues fourth the adjusted of rates, Correspondingly, doubled almost $XX.X the from Sequentially, third the increase and Compared time was X benefited XX% XX% growth Government voyages EBITDA operations quarter
quarter and removed to mix to Coast, Overseas we added Key West, XXXX. Although vessels the XXXX X XXXX, QX Act Overseas The XXXX. our last quarter we compared operating from and of quarter. vessels to results fleet. of our X charters’ increased operated ago the Coast fleet have our rates rebuilt and Sun of in tanker our XXXX will third ATBs changed, performance evident of time the year impact Since reduced the in fourth Gulf in rebuilt our the the Jones higher is XX be number ATBs Overseas both The on of the when who
Sun tankers revenues $X.X almost Coast, the and Lightering million of OSG to a almost revenues declined Government ago MR the performed XXX non-Jones added tripled Mexico. X Coast as increased Israel the voyages. from we and of from due Gulf TCE shift to the year of TCE Act XX%. revenues Gulf
from continue to revenues we as reduce rebuilt ATBs TCE we decline further number that the vessels Finally, of operate. our
to Slide XX. Please turn
continued rates TCE quarter more when our shutdown. the of a sequentially third operating utilization XXXX, of TCE third use the business Mexico caused PES We in comparison the granular our the Mexico. the bankruptcy experienced the of This and XXX resulting XXX $X,XXX following from a lightering decrease the revenues by in OSG lower the TCE revenues the quarter. Looking daily average compared OSG to rate, flat Gulf Gulf to the in were in Delaware reflects our of basis, at of on
rebuilt TCE our flat revenues from million. were at $X.X ATBs
revenues were of Gulf Coast, Act non-Jones when which the quarter. a the tankers an Government quarter increase our The million that fourth quarter $X.X third recorded This delivered the our charter from during to increased of on Israel the operations MSC of compared during voyage end September was we time voyages Our Coast earned. and in TCE quarter. international and X XX. rates TCE and Sun effective included the days the This
international number days for effect the XXX operated charters We our spot by time exposure. on reducing market the increasing under vessels of days, utilization of of
in increased the TCE tanker quarter Act fleet the $XX.X XXXX. Jones revenues of quarter $XX.X third in fourth million million Our to
was the effectively weeks. less charter resulting and impact with coupled time utilization XXX% X market in days Our than driven fourth exposure increase was spot increased rates. of by This the quarter
daily Our charters TCE TCE increased utilization increased driven by time rates. $X,XXX. market average for rate by increased and effective rates significantly Spot higher
Looking XXXX. the revenues ATB fourth at $XX down $X.X declined decreased million quarter from Act comparison non-Jones million revenues vessels. from $X.X changes, tanker in operating were compared increased to million due quarter of to year-over-year revenues $X.X to the XXXX fourth of to the number to million million. of $X.X The lightering
MSC X introduction TCE an Sun tanker by million higher Coast time which performed Conventional contributed excess to presence, due The fourth of charter of the Coast of rates million driven spot and $X the XXXX quarter the revenues in in Government saw We in well. of Gulf and fleet, higher Israel TCE market as revenues. $X.X voyage increased utilization activity. voyages the and reduced increased
XXXX. market. million had or $XX.X million Please to XX. $XX turn revenues XX% revenues then, million earnings of of of the since of have peaked earned total period our or million highest market fourth in XXXX. to quarter a TCE decline our million, were of spot Fixed spot revenues which time TCE revenues during QX at $XX in in Spot this XX% level, Slide $XX.X XXXX. been market quarter TCE during their Since The generally continuous $XX.X on TCE fourth down or then, TCE TCE revenues XXXX QX XX% of the at
the forward. $XX.X conventional spot of TCE tanker Conventional predictability TCE in market peaked continuing we million of in the activity or results lower revenues and The importance XX. Slide market XX% to revenues quarter at XXXX. of turn Please look tanker increased in spot first reduction revenue volatility as
Please turn XX. to Slide
net Mexico. to Our operations. even the be underpin of the niche generate stability, PES businesses earnings which impact bankruptcy, the considering serves of continue true as the we in XXX to This OSG Gulf continues provide after of operates revenues the to our overall
narrow Looking operations, a relatively at fairly produced market quarterly niche in period by band. the with revenue a components revenues of operations have performance X stable contribution our throughout this our revenue remaining niche
of ability market activities drydock conditions, repairs. our to Our by create requirements for and all
fluctuations, there within to stay variability, seen, level bankruptcy will narrow PES a the be stable continue of fairly range. higher can outcomes introduces although a platform. be The a this but are As business
largest Vessel Please tankers to higher XXXX. contributor from to addition prior from to operating the contribution, hire in contribution increased was current Jones decreased late spot million defined in expenses to the for Today, $X.X Slide revenues, $XX.X to contribution turn previously charter or quarter. exposure rates increased operating XXX which less the a one asset The the $XX.X of vessel TCE second and XXXX increase XX% and million XX. operating tankers. million quarter charter reflects Act negative time from in the is QX the XX operating our vessel market our year. of vessel from – contribution the This the conventional employment expenses, vessel
Our increased niche lightering from by market from rebuilt as Sun offset was as in as by our well to This ATBs Coast. decreased performance. declines contribution was MSP being activities principally slightly contribution by $X.X contributions number of the ATB X. driven operating Coast Gulf the barge million, and increased tankers created Vessel the reduced $X million
The for time Sequentially, vessel charter vessels operating fleet entering increased and the continuing QX XXXX. tankers, from driven was our new Israel contracts of increase to voyages. $XX.X voyages conventional increased and Jones MSC the million by Government contribution Act shift of
due Please and primary were turn quarter utilization across million and new to EBITDA rates to resulted this to XXXX Fourth EBITDA Slide the XX. adjusted Again, adjusted increased increase. Fourth fleet shift million from rates XXXX. third to in million. contributors increase quarter EBITDA increased at increased improved was quarter time to compared million adjusted $XX.X the charters. utilization $XX.X $XX.X from the $XX.X Higher vessels of QX
Slide income the net compared $X.X XXXX quarter loss Please Net million million of in fourth turn XX. quarter the for a $XX to fourth to was of XXXX. of
shift the to new the significant made to the rates, performance. contributions higher fleet introduction mentioned, previously to As of time this vessels at X charters
Slide Please XX. turn to
each we repairs, regulation. maintenance not During installations. impact schedule. This maintenance as does information the water by It scheduled include should and provides system which slide for perform required scheduled year, treatment occur, they unplanned ballast could
on reduce even of unavailable they days off-hire the or are otherwise in time to a drydock employed sustained. vessels use, the We While to charter. loss are revenue number otherwise off-hire work minimize for if we’ve
experience a revenue disruption. will However, we
this drydocking. date. than require treatment expenditures Maintenance vessels undergoing more also expenditures capital capital XXXX the water to of lumpy vessel’s our The will on systems requiring are result with tied required resources original installation that years the is makes build some others. ballast
actually the drydock us. In to year the not are will active drydock as be the transit vessels, off-hires well time addition drydock. XXXX from drydock revenues earning for cost time as our in an of and to during
million treatment expenses water million ballast $XX.X will We estimate $XX.X be that systems. and our for drydock in investment
we to all days to the Additionally, of estimated million. XXX $XX.X minimize an costs a with through days revenue process work this loss cases, the expect we incur of expeditiously off-hire to number in In endeavor off-hire. of incurred
the Please required the payments of of payments quarter. the will estimated we payments turn This for end made milestones. amount to we the payments the payments to on payments cumulative quarter, achieves progress the OSG timing the $XX on shows depend $XX.X shipyard the when actual made make Slide the on million and of and XXX. XXX future progress had dates At of million The in progress OSG slide fourth progress each expect XX. in
Total payments were $XX.X end quarter progress at million.
a OSG We the provides financing OSG that construction believe at for the We that into secure have financing for $XX.X financing we will investment million will financing. each in XXX When equity approximately is our each for the commitment permanent be financing approximately will reduced million Ultimately, approximately or million million. by $XX.XX XXX converting barge. $XX.X total. OSG’s equity complete, of $XX be barge
turn to Slide Please XX.
improve, from operations XX our arrangement As to provides XXXX continue AMSC. This XXXX. sharing we the chartered concerning that to provide chart vessels exists bear, profit information information we both want through the for for
anticipate rates. As not profit be we’ve on in assumed market created obligation XXXX. rates the picture here might profit do TCE for be will future any at stated, share sharing estimated average we previously based what look We
an to aggregate an average sharing result is XX rate This required across of XXXX, to AMSC would $XXX,XXX. In if were $XX,XXX profit achieve payout obligation of there in per sharing. in be XXXX profit TCE minimum create no $XX,XXX average The the would vessels, we rate day.
in trade first beyond XXXX. XXXX, assumptions would a which exist the market for Based in the is the on that was prior assume years rate obligation rate. year the year the here, profit-sharing For earned
to here, million. year using be the in used, would share average the million. minimum Again, of would any XXXX Given $XX,XXX. profit is XXXX rate the in Profit in earned. $X year assumptions $XX to be the profit paid share would earned the necessary the assumptions level achieve sharing The payout sharing profit subsequent be out
be minimum the turn and certain complex Calculations will that outcomes assumptions result are is to of are if worth to rate made. possible a chart recovered, the Slide factors Finally, involved. it share meant of variety in Please is indicative costs profit have This on XX. that based noting declines.
cash of We restricted million, began total included with XXXX $XXX,XXX $XX of which cash.
XXXX, million adjusted EBITDA. million During generated million $X secured issued $XX Coast. Overseas Overseas debt the sales during we of generated by of Gulf cash Sun the and We Vessel Coast of year. $XX
of million were million which improvements our and expense. in We expended million invested debt capital paid We vessels. used vessel incurred million dry docking Working to interest $XX new represented million debt. cash. changes proceeds from vessel $XX provided million, We of $XX to $X $XXX construction. repayments which of reduce cash We sales, $XX on of
of was turn $XXX,XXX ended Result Please million to of cash. including with we XX. the restricted $XX year Slide cash
cash liquidity December have Continuing of million cash and in our XXXX. discussion we previous at as the mentioned XX, slide, of $XX
million, total represents $XX XXXX. Our outstanding increase debt million $XXX since indebtedness in was December which a
Our loan debt $XX $XXX our $XXX term has XXXX. annual or million of equity, is at X of With to XX, times times December to million equity $X.XX million an XX ratio compared million requirement net amortization per quarter.
a final a X mentioned, $XX of Loan from with and as term the XX-year has of in Company XX.X% partners. rate of financing at One obtained completed yesterday X-year We of X.XX%. interest the period. note, amortization BP interest our Tanker Alaska fixed acquisition we million from acquisition tankers Sam
financial call to back on the I’d statements. comments my turn concludes This Sam. like the to
