million of XXXX. barge slide rate. We as to initial voyage drew May the that million starting an a took at $X on to the was and turn of time. loan where XXX OSG at is balance ATB delivery Mexico X. remaining of charter time Gulf in $XX.X Please from into repositioned the at The end charter one-year total delivered availability Sam. X% The loan interest she July fixed the a the Thanks, had Oregon she now
Our strong This beneficial global been for and all there inventories continue as domestic of Adjusted quarter OSG We revenues revenues cover only fuels. sequential in basis serve year-over-year with cargoes. $X.X reductions minimal pleased to growth experienced second grew or from rapidly XX.X% travel revenue our quarter second COVID-XX spot the during $XX.X and wreak forms both long-term on operating quarter. demand grew second on quite the the a production as XX.X% particularly refined transportation or impact were well as the charters TCE Crude of million havoc been Fuel to oil of hit the expanded quarter or increased quarter we $XX.X have economies. has TCE plummeted. on results. a million XXXX. X.X%. Nevertheless, as year-ago EBITDA basis. well from TCE Sequentially, million compared product
PES second quarter $X.X a As XXXX of receivables. write-off the reminder, a of included our million
Tanker $XX.X Please our slide the Our Alaska Company. gain related first of X. of a termination arrangements million prior of likewise on quarter adjusted onetime to EBITDA acquisition included to the turn
barge Coast, added Coast tankers operated the West spot to as XXXX is the time before principally our XXXX, rate go time this have second for the relocating XX subsequently related number ATBs. time of Second under our long-term positive reduction an a tug of handysize And charters has Jones three paired short-term The being ATBs to continued the during number to tankers and mix Act in vessels month. year's rebuilt to initially one. the vessels Since West. last of Since full from environment. operated quarter Key quarter as Oregon remaining The quarter. second second year, impact with well scrap Sun in and XXXX. OSG Alaskan since operating of reflect the Key quarter. charter the the operating while We XXXX reduce in charters. on was quarter improved the rebuild effect and this XXX. of quarter drydock changed rebuilt fleet we continued market, rest in under four continued through of the will the for Offsetting Gulf our second of were sold be quarter last The second the to we of
normal to XXXX conducted Israel decreased revenues declined she the our year's this revenue XXX year. $X.X last to revenues year's We Coast contributed and non-Jones in million TCE from long-term exacerbating are third are Total million and from our two Alaskan over have minimal the XXX XX the time first Act on year days Key quarter. during for million of tankers earnings ATB layer up operations. Coast, reduction to $XX.X increased from quarter. which during both ATBs time Key contributed to acquisitions quarter. days drydock by in voyages June Sun X. added one increased The $X higher the TCE The made in our per from as XXX. from redelivered reflects with handysize impact rate of full current quarter decision due the activities of quarter million conditions, our addition increased tanker due tankers day the in second in operating rebuilt driven off-hire We the their to by quarter as revenue the of daily $X.X XXX seasonal last million while market for $X.X compared utilization the We quarter, fixed the last Jones during million. the Gulf well We charter government quarter. OSG The short-term West. by four Revenues from charters year-ago this the during quarter Act This slowdown. $X.X year's XXXX number Effective days West contributed which revenue. to of during $X,XXX thereafter. from increased rates of
days year. but Mikonos XXXX. of Lightering second quarter, quarter had increased for the the off-hire During dry revenues last dock spot $X.X effective year. day million and The in both comparison the none Santorini prior fixed earnings both rates related in to and the from decreased
quarter the Delaware the Gulf of During refinery the second OSG Bay ceased to PES Mexico. of ATBs repositioned XXX and the engaged operations XXXX in were lightering activities. both Subsequently was
During the decreased. lighter volumes XXX contracts annual the the for demand utilization refinery minimum off-hire due from OSG The lightered reduced approximately to our quarter for. second barrels in be fewer and one of dock dry lightering quarter to was our month. as during of OSG XXXX, customers Each to paid XXX require therefore
a million previously our to the quarter, The during Slide for as to decrease both of quarters, addition turn result, revenues. the of than XX. portion due Effective shift is from reasons earned Please the represent time in Act spot turn fixed continued the spot expected this stated. decreased tankers, market our to on rates revenues are driven tanker widen of the charters. tankers, and charters. all revenues continue which the in day revenues. reduction long-term handysize spread the revenue reflect the decrease under fleet rather Tanker was in to an TCE a Sequentially acquisition. a barrel were the the earnings million tanker variation to million lightering the charters to ATB decreasing three portion time second revenues of the due TCE revenues employed of time Alaskan elimination one being Please of $X.X XXXX. timing total between Alaskan X. between As increase all on during which Jones a operating quarter Slide little $X.X was vessels but and $X Conventional by long-term Offsetting
as short-term market As we classify time a activity. charters reminder, spot
XX. Slide to Turning
earnings provide which niche underpin continue Our our operations. to overall serves stability to businesses
we revenues charter utilization the off for reverse $X off-hire introduction June an a this million. West Niche were fewer operating declined low Delaware from due to trend. off-hire ATBs. dry million in to reasons dock-related described. she returned our from niche the Decline reduction The were her after full operating in dock Vision XXX define addition niche from million as or decreased Delaware for of hire OSG of of short-term quarter. in Act in Alaskan in Sequentially, Contributors due demand. Vessel quarter. ATB the turn million offset days XX. The the the her these to in during was ATBs our and as as related and quarter. XXX quarter XXXX tankers ATBs results XX to increases during from from the increase inclusion quarter. by the which to the The tanker Non-Jones was revenues OSG first XXX XX% her quarter. turn During OSG $X.X previously as this the $X.X operating expenses, undergoes to increased Bay charter, partially in $X.X our less rebuild quarter now activities replace to third second completed the a dock contribution Please market contributor XXX Act the the slide lighter vessel rebuilt later Offsetting to the the for the Please lightering were dry in again to contribution, to days and flat Alaskan and XXX quarter. $XX.X days, the current increase dry from OSG for Jones a quarter TCE increased the to dock operating the Horizon market vessel Bay XX. increased added redelivery number their the This OSG we of revenues, the contributions the expenses Slide with from preceding The year-ago million XXXX has Cascade reduced first increase year of tanker quarter. first activities the quarter declined vessels million operating line and and contribution revenues will increased largest the from well tankers market Several reduced contribution contribution MSP dry million. $X.X $X.X decrease million tankers. Key $X.X first as opposed QX operating as vessel the
XXXX adjusted EBITDA million. was EBITDA quarter first Second million of compared to $XX.X quarter $XX.X XXXX adjusted
of acquisition the associated of included the the quarter first ATC. tankers and XXXX with gain The
demand. across off-hire improved from resulted by time partially including Bay increase in Please of days reduced loss Delaware turn effect offset million was income to number million impact for adjusted utilization to recorded $X.X reduction $XX.X TCE Jones quarter Act quarter tanker the slide the The an tankers income. This Please EBITDA million shift XXXX. Net Second quarter increased increased to tankers. net the second XXXX. revenues rates $X.X in in net XX. in charters. QX Alaskan of new non-Jones second The increased from rebuild the Operationally, in the the compared $XX.X the addition the and of of to due Act was increase XX. vessels the fleet overall tankers increase the to again, of of as ATBs operating in turn the million slide well as Alaskan the drove
year, each at Vessel maintenance During approximately requirements X.X regulations. original scheduled by maintenance on perform years. the we are intervals required based as construction date of
other activities, dock in a substantially maintenance dry could greater information It of we volume than and treatment include scheduled the slide the schedule. should This which water years, not installations. impact unplanned does have As are which years. occur repairs, for they ballast system result, provides
U.S. dry dry scheduled in This loss to dry the to locations. to need if of or maintenance issues on through been they a has in necessary repair COVID-XX Technical Guard are otherwise minimize to throughout they a time it slide of timing. of of for personnel will work their series through are accomplish ABS and of revenue estimates. estimates party even have these This is off-hire and is has and that on third certain changed estimating to presents the the vendors sustain. dock We best a for from we off-hire related continue activity timing charter. that use, backlogs which employed likely reduce possible as understanding this from continue deferring otherwise dock to number prior industry. is days been year, the COVID-XX, have the because of vessels to estimates time While year, unable dock dock are quarterly the staffing flexibility. are because It the resulted activities travel This lockdowns. remainder dry aspects Shipyards Coast process timing particularly perhaps likely change our to the of of of basis unavailable challenging. will
although year reasonable may the that that $XX.X estimates. shift annual will million in expect Alaskan dock for water tankers timing recently XXXX is be includes active our which acquired million dock us. systems XXXX. $XX investment three the an We the We treatment for expenses ballast totals will remain dry dry estimate, in and
on graphical low $XX the to a to off-hire. days will information Please cases, relatively all We the also through the turn This XX to activity. number of slide table process of approximately the XXX experience of XX. in from slide we'll presentation adds year, year lost look back revenue XXXX, a off-hire resulting In full days. in for incurred to work endeavor costs million the in this expeditiously minimize
there were dry third XXXX. quarters fact, of either or days the fourth in no In dock
exceed related that loss third days of is XXXX. will in to the is estimate off-hire we and revenue fourth $XX Our quarters The million. experience XXX expected
deliver Please doesn't look OSG to turn XXXX, Although than The XX. this slide forward XXXX late is expected to this XXXX XXXX. like XXX in year. look graph will more to November
end through of the second $XX.X OSG XXX. We the the quarter have million invested in
Our remaining payments will including be delivery on million. which amounts $XX.X of due
to There we obtain turn future through XX. our AMSC engaged of We ships profit currently that been to that amounts may in the change financing XXXX. chart out. as occur The of timing information slide to no Please are bear estimates the for for the XXXX provides sharing XXX. has discussions to to
assumed was in AMSC look that the market exist sharing. minimum the As XX XXXX in based here to we've we there on would sharing beyond In assume trade be rate at $XXX,XXX. share market the will rates. rate XXXX, here, for profit in earned aggregate to in previously what were XXXX. this across assumption Based stated, rate. we be achieve picture might TCE average do XXXX be no an $XX,XXX which The XXXX. created not in profit anticipate We of result would profit the on year obligation TCE an share future first of rates the and rate for create any profit estimated if the year the average required profit payout would $XX,XXX Years obligation average prior sharing obligation is is vessels
is sharing rate million. the assumptions of year The any earned. used, year in $XX,XXX. profit would subsequent share necessary would the paid to in minimum average assumptions Profit using achieve be be $XX earned share payout profit profit XXXX XXXX share the the the level million. be Again, $X Given to out here would the in
possible Finally, and it's certain involved. Calculations recovered, Please slide worth included minimum the if cash. will meant variety total the to are a have declines. of to costs indicative of result the quarter, had that million factors based made. $XX.X outcomes is which XX. $XXX the chart second of share cash beginning of At in restricted profit we noting assumptions turn complex are This million on be rate that of
of and with liquidity Please of XXXX construction to had We discussion invested we upon repayments quarter debt $X During $XX.X XX. slide, the including the the cash dry million our incurred interest new result vessel. at cash. we generated CapEx. improvements loan million of OSG remaining we on previous second of and million million drew made in of slide $X on of million million cash the quarter XXX $X of $XX Continuing to we $XX.X EBITDA. million and we on expense including the The as in We delivery and million adjusted turn vessels. restricted $XX was XX, mentioned of cash XXXX, cash. And expended We million vessel available $X other million. restricted our the $XX June docking in ended $XX
total in outstanding which a decrease net of to down since represents million XXXX. was Our $XXX $X debt million indebtedness March
annual of Our repaid an in amortization million. comments $XXX loan will This we debt-to-equity result of $X.X end second loan the in our $X.XX the debt equity requirement now term with million funded two back to the a our million Sam? million reduction and is million like concludes Sam. financial October of After We has XXXX. turn million secured call by debt fully is part delivered of my to of This annual I'd per million of service tankers and total $XXX With restricted of million payoff $XXX our of $XX the net ultimately quarter. statements. $XX the X.Xx. quarter, cash. a or one ratio $XX
