on that those of state and XXXX Thank for for the allowing financial and current Welcome, provide and lie additional for this commentary opportunities color to in to on results quarter you. business our and presentation and of first thank the ahead. our us challenges of results Francis. listening you as
by presentation this CFO, in joined am I usual, Trueblood. our As Dick
To important would narrative to provided that and call. PowerPoint course presentation, contents everyone read on website estimates, part I during direct Pages on the urge statements, regarding available this start, of everyone and an like I consider of to of the other may forward looking them carefully. to this X the of and be The and are presentation, that information our narrative X
perspective more of anticipated We today, factors, statements future will about may forward-looking to including you statements presentation offering results. statements be those and could our uncertainties by be an affected These than from beyond Actual by are contemplated on forward-looking including differ results variety risks. our control. and our subject OSG includes statements, and a historical materially factors just risk
www.osg.com. today, site Form website, our later discussion the SEC's a filing at the for XX-Q well first which www.sec.gov, our our our of we can as as quarter both particularly anticipate of For these XXXX, found filings, factors, to we Form you internet own SEC be of which XX-K, refer and
be of as any not any to statements forward-looking statements required. in obligation as may today we and do this assume Forward-looking speak presentation update except legally only
posted includes categories all most comparable also results today presentation achieving and release, our at to or has started OSG which measures reconcile financial with website. asset above the at define well which year GAAP in closely is earnings on expectations. The non-GAAP our measures, our we addition, In financial
of operating $XX out performance two first vessels the we For to fewer consecutive compared final is XXXX. point quarters quarter, would as third It this having of million. EBITDA in XXXX, achieve three the despite during the notable excess of quarter to delivered adjusted that
increase favorable Contributing Act above at in including stability incrementally international continued our quarter-end. The first our investments flow quarter million to lightering MR for higher to several securities volumes, tankers. cash Jones were witnessed markets, $XXX.X average TCE results quarters balances, MR rates in to of allowed strength has the average past in cash and treasury
business agreements Program. MARAD most far, operating are significant spoke to our Santorini, in of up the By Tanker Overseas operating enter signing result you Sun development with of into many been labor, for agreements our this the the with U.S. to Overseas trading with flag Security These vessels, internationally program. years since and has Mykonos, the industry work stand partners Overseas three we important government, last of our Coast and the
Maritime Difficulty] to million will Overseas access OSG's preference first U.S. receive Security Program, proud Government have into Upon have of entering the Mykonos the Program. withdrawn Security OSG the the in participating is and an shift Program. stipend Security to been priority cargoes. [Technical entered of the Tanker have to $X annual Each Tanker entering be will
as supporting Security national of as to trading fleet in Program, security. of this a whole. domestic OSG is industry and With defense the tanker of expanding operators the the towards roles well growth logistical other in flag our tankers, opportunities context the strategies welcome supporting in of a Recognition key by look requirements in we U.S. as forward internationally vote step for both of further confidence country's to in the maritime Tanker role the tied played
years empty moment for underground for assets, to Hawaii. for at the used of Defense bids Red storage to non-Jones tanks await charter to the military on efforts the in five Hill Department connection command Staying be tankers Act awards facility up decision we sea a the to lift by in with with
the OSC has project OSG bids contracts, promise has bids MR be balance other shortly. awards the will including that weeks submitted those bid, awards, made MSC recent on for on two of for this forthcoming in offering of which has
conventional with Turning all nearly all OSG has ATBs time new that to into four the of the of charter from U.S. in the West these the tankers finally and/or and given its year. the at market indications conventional to are market, to all Jones fixed end its renewable of and feedstocks. Three beginning one domestic delivery ATBs are of and the on is regular carrying service balanced Gulf tankers charter its component on contracts Coast traders. Act since diesel primary the tankers users moment
mile for ton half to trades. tankers. The Jones international being the Tanker The Jones price the severe as XX% to volatility in renewable Tanker of Act Jones by occasioned historical is across in transport XXXX, of continued many MR Act new nearly first disruption fleet. war international chains California energy as see in by representing demand the and XX of Act in total creating Ukraine has Tankers a supply the Canal made We Panama involved materially X product for additive moving diesel
year. domestic have shipping Gulf markets. absence the the the supported Florida or U.S. patterns moving X supply been conditions market for about consumption end patterns. existing press the of the ago, the Inventory domestic East stabilized distribution by demand market. the Jones particularly levels middle public in a any fuel was PAD These to restoration one However, shortages in energy there Unlike and Coast year notable a in distillates of Act and gasoline at resins in of normalized of
be charter ATB with low-to-mid XXs now the time the X and of remained OSG’s ratings longer Tanker of the of time size XXXX in MR day, depending up in fixed end beyond per vessels per to year. the $XX,XXX for consider for contracts fuel balance years rate of fixed We All $XX,XXX with charter on extending the Act Jones to periods this for several consumption. on periods to
The pricing Jones decade. been of XXXX. for with persist? for the have long these foreseeable up future. equation side Tankers a two very How friendly MR is order favorable strong contracts not The building The power can supply yards the looks book are well vessels Jones of of and conditions the Act nearly in Act owner owners for empty capable for the booked primary into government this MRs
yards, likely the be also now placed constructing of second orders XXXX. not delivered for do The options empty while order new will half ATBs for before book exist and is and large domestic ATBs any
future clear may concerns ahead, as owners the Looking This there left for of being it preferred reluctant what point-in-time are with solutions be presently as to to ships ship this in creates leads stranded powering be. to assets. new for invest at no option capacity the
not could consumption ships reluctance years supply that ahead. to operating have to is than in be which to in It more reduction This will simply sailing realistic the in real the decline by is real are aging at availability. progressively and build slower accept result fuel gradually because of diminishing numbers domestic likely whether fleet, tightening a speeds, effect will
place the data of to the will that available transport remain will these in many and suggests come. very for fuels be slope need decline of a shallow that years all from Still, continuing
per Biden than of strong The us future. the our giving current focus area Alaska charter domestic assets, to well of Looking north duration importance for crude the elsewhere these vessels Administration's demand renewed purchase the vessels of Willow vessels focus project foreseeable of sustaining in oil juncture. add [Alaskan XXX,XXX our of coming bodes The Opportunities are more day increase Company. Tanker future slope] and ConocoPhillips’ to production the of development time remain through [ph] portfolio that of and an on in should production this believe good increasing will ATC for our barrels acquired at earnings for for contract years, for reason approval
you call Dick? to turn our for now to first will results XXXX. I further Dick details over on quarter the provide with
