[LEFT]6:56 (Dow Jones) Overseas Shipping (OSG) ended a tough 2011 with better-than-expected 4Q results, posting a surprise decline in its per-share loss and an unexpected revenue increase amid a 30% jump in voyage-charter revenue. The shipping industry has been hit by falling rates, and that’s been no exception in the oil-transport business that OSG is in. The company has been coping by cutting overhead costs while its US-flagged ships are now profitable. CEO Morten Arntzen expects “some” rate improvement this year, as has already begun to occur this quarter. “Nevertheless, we will continue to run the company conservatively.” OSG shares, inactive premarket, have slumped 22% this month after rallying in January, putting 2012’s decline at 9.3%. They’re also down 71% from a year earlier.
[I]- Kevin Kingsbury, Dow Jones & Co[/I][/LEFT]