UPDATE 1-Overseas Shipholding posts loss below estimates
May 1 (Reuters) - Overseas Shipholding Group, the world's second largest independent tanker operator, posted a quarterly loss lower than analysts' expectations as it expanded its fleet and rates for larger vessels rose.
Time-charter equivalent (TCE) - used by the shipping industry as a standard measure of the average daily revenue performance of a vessel - revenue rose 4 percent to $214 million for the first quarter.
January-March net loss narrowed to $34.8 million, or $1.15 per share, from $34.6 million or $1.15 per share, a year ago.
Excluding items, Overseas Shipholding posted a loss of $1.22 per share.
Analysts on average had expected the company to post a loss of $1.28 per share on revenue of $221.9 million, according to Thomson Reuters I/B/E/S.
The New York-based company's shares, which have shed about 58 percent value in the last year, closed at $11.70 on Monday on the New York Stock Exchange.
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