The Overseas Shipholding Group (OSG) has reported second quarter net income of $3.8 million on revenues of $81.7 million for Celebrity Cruises. OSG owns 49 percent of Celebrity.
Celebrity posted net income of $3.2 million on revenues of $76.4 million in the second quarter last year.
For the six month period ended June 30, 1994, Celebrity posted net income of $7.2 million on revenues of $164 million compared to net income of $4.9 million on revenues of $154 million for the first six months of 1993.
Overall, however, OSG posted a net loss of $4.6 million on revenues of $80 million for the second quarter of 1994, which it attributed to continued weakness in the international bulk shipping markets, together with an unusually sharp decline in demand for its tonnage in the U.S. crude market.