EX-99.1 2 v349018_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.1 Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Monthly Operating Report

For the Period April 1, 2013 through April 30, 2013

 

Required Documents Form No.

Documents

Complete

Explanation

Attached

Debtors’

Statement

Schedule of Operating Cash Flow MOR-1 X    
Schedule of Disbursements by Legal Entity MOR-1a X    
Schedule of Professional Fees and Expenses Paid MOR-1b X    
Banks Account Reconciliations, Bank Statements and Cash Disbursements Journal       X
Statement of Operations MOR-2 X    
Balance Sheets MOR-3 X    
Status of Post-Petition Taxes       X
Summary of Unpaid Post-Petition Accounts Payable MOR-4 X    
Trade Accounts Receivable and Aging MOR-5 X    
Debtor Questionnaire MOR-6 X    

 

I declare under penalty of perjury (28 U.S.C. Section 1746) that the information contained in this monthly operating report (including attached schedules) is true and correct to the best of my knowledge, information and belief.

 

/s/ Ian T. Blackley   July 1, 2013
Ian T. Blackley   Date

Senior Vice President, Chief Financial Officer and Treasurer

Overseas Shipholding Group, Inc.

 

Notes:

1Refer to Appendix A for a full listing of the Debtors.

 

The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee.  All information contained herein is unaudited and subject to future adjustment.  Overseas Shipholding Group, Inc. (the “Company”) maintains its books and records on a business unit reporting level and those units do not in all cases correspond to legal entities.  Certain assumptions have been made as noted herein.  In addition, the Company maintains certain liabilities on its balance sheet (such as administrative payroll, benefits, professional fees and tax related liabilities) that may relate to one or more of the Company’s subsidiaries and no conclusion as to the legal obligation is made by the presentation herein.  Nothing contained in this Monthly Operating Report shall constitute a waiver of any of the Debtors’ rights or an admission with respect to their chapter 11 Proceedings (as defined herein), including, but not limited to, matters involving objections to claims, substantive consolidation, equitable subordination, defenses, characterization or re-characterization of contracts, assumption or rejection of contracts under the provisions of chapter 3 of Title 11 of the United States Code (the “Bankruptcy Code”) and/or causes of action under the provisions of chapter 5 of the Bankruptcy Code or any other relevant applicable laws to recover assets or avoid transfers.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 1 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

General Notes

 

Introduction – On November 14, 2012, Overseas Shipholding Group, Inc. and its affiliated Debtors in the above referenced chapter 11 cases, filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Debtors are operating their business and managing their property as debtors-in-possession pursuant to the Bankruptcy Code. The Company prepared this Monthly Operating Report relying primarily upon the information set forth in its books and records. Consequently, certain transactions that are not identified in the normal course of business in its books and records may not be included in this Monthly Operating Report. Nonetheless, in preparing this Monthly Operating Report, the Company made reasonable efforts to supplement the information set forth in its books and records with additional information concerning transactions that may not have been identified therein. The notes that are contained in this Monthly Operating Report (the "MOR") have been provided to assist the reader in understanding the information presented.  No conclusion as to the completeness of the notes that are included in this MOR, the importance or significance of such notes, or the importance or significance of information that could have been included in such notes, but is not, is made by the inclusion of the notes contained in this MOR.

 

Unaudited Condensed Consolidated Financial Statements – The unaudited condensed consolidated financial statements and supplemental information contained herein are unaudited, preliminary, and may not comply with generally accepted accounting principles in the United States of America (“U.S. GAAP”) in all material respects.

 

Accounting Standards Codification (“ASC”) Topic 852, “Reorganizations” (“ASC Topic 852”), which is applicable to companies in chapter 11, generally does not change the manner in which financial statements are prepared. It does require, however, that the financial statements for periods subsequent to the filing of the chapter 11 petition distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Overseas Shipholding Group, Inc.’s (the “Company”) unaudited condensed consolidated financial statements contained herein have been prepared in accordance with the guidance in ASC Topic 852 and have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework. The unaudited condensed consolidated financial statements have been derived from the books and records of the Company. This information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with U.S. GAAP, and upon application of such procedures, the Company believes that the financial information could be subject to changes, and these changes could be material. The information furnished in this report includes primarily normal recurring adjustments, but does not include all of the adjustments that would typically be made in accordance with U.S. GAAP.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 2 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

General Notes (Continued)

 

The results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position, and cash flows of the Company in the future.

 

As disclosed in the Forms 8-K filed by the Company with the Securities and Exchange Commission (“SEC”) on October 3, 2012 and October 22, 2012, the Company is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Company’s loan agreements. As a result of that continuing process, on October 19, 2012, the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Audit Committee and authorized officers have informed the Company’s independent registered public accountants of this conclusion. The Company is continuing its review processes, including determining whether a restatement of those financial statements may be required, and the nature and amount of any potential restatement. Due to the Company’s continuing review processes, the financial statements contained herein have been prepared without any consideration of income taxes, including income taxes with respect to prior periods, and should be evaluated taking into consideration the recommendation of management that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon.

 

The Internal Revenue Service filed an amended claim (Claim No. 82) in the Overseas Shipholding Group, Inc. bankruptcy case (Case 12-20000-PJW) on February 11, 2013 in the amount of $463,013,177.63, including interest to the Petition Date, asserting priority treatment under Bankruptcy Code section 507(a)(8).

 

Intercompany Balances – Receivables and payables between the Debtors and between Debtors and non-debtor subsidiaries are eliminated in the unaudited condensed consolidated financial statements. However, receivables and payables between Debtors and between Debtors and non-debtor subsidiaries are reflected as separate line items in the Company’s unaudited condensed consolidating balance sheets attached hereto in Appendix B. No conclusion as to the legal obligation related to the intercompany transactions resulting in these balances is made by the presentation herein. Annual allocations of certain expenses that occur between OSG International, Inc., Overseas Shipholding Group, Inc. and OSG Ship Management, Inc. under an Amended and Restated Personnel and Facilities Cost Sharing Agreement, dated January 1, 2005, for the year ended December 31, 2012 have been reflected in the financial

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 3 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

statements presented herein. The books and records for December 2012 have accordingly been revised from that previously presented to reflect such annual allocation.

 

Liabilities Subject to Compromise – As a result of the chapter 11 filings, the payment of prepetition indebtedness is subject to compromise or other treatment under a plan of reorganization. The determination of how liabilities will ultimately be settled and treated cannot be made until the Court approves a chapter 11 plan of reorganization. Accordingly, the ultimate amount of such liabilities is not determinable at this time. ASC Topic 852 requires prepetition liabilities that are subject to compromise to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. The amounts currently classified as liabilities subject to compromise are preliminary and may be subject to future adjustments depending on Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the value of any collateral securing such claims, rejection of executory contracts or unexpired leases, continued reconciliation or other events.

 

Net Book Value of Assets – It would be an inefficient use of estate assets for the Debtors to obtain current market valuations of all of their assets. Accordingly, unless otherwise indicated, the values for assets contained in this Monthly Operating Report are net book values as of the end of the month. The net book values as of the end of the month are subject to future adjustment for possible impairment based on conditions that existed as of the end of the reporting period. Consequently, amounts ultimately realized from a potential disposition of the Debtors’ assets may materially vary from the stated net book value. Unless otherwise noted, this Monthly Operating Report reflects the carrying value of the assets as currently recorded on the Debtors’ books and records as of the end of the reporting period and are not based upon any estimate of their current market value. The Debtors reserve their right to amend or adjust the value of each asset or liability set forth herein.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 4 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1

Overseas Shipholding Group, Inc.

Unaudited Consolidated Statement of Cash Receipts and Disbursements

For the Period April 1, 2013 through April 30, 2013

(in thousands of dollars)

 

Beginning Cash Balance  $556,618 
      
Cash Receipts:     
Vessel Related Receipts   82,592 
Other Receipts1   3,331 
Total Receipts   85,923 
      
Cash Disbursements:     
Vessel Related Disbursements2   63,658 
General and Administrative:     
Compensation & Benefits   4,383 
Other General & Administrative   3,173 
Taxes   344 
Restructuring Costs and Adequate Protection Payments   5,187 
U.S. Trustee Fees   800 
Other Disbursements   185 
Total Disbursements   77,730 
      
Ending Cash Balance  $5 64,811 

 

1   Other Receipts includes items such as distributions from joint ventures, reimbursements from joint ventures for expenses paid on their behalf, pool commissions, insurance claim receipts and other miscellaneous refunds and receipts.

2   Includes expenses paid on behalf of joint ventures.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 5 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
1  Overseas Shipholding Group, Inc.  12-20000  $747,126 
2  OSG International, Inc.  12-20001   1,521,667 
3  OSG Bulk Ships, Inc.  12-20002   869,276 
4  1372 Tanker Corporation  12-20003   215,887 
5  Africa Tanker Corporation  12-20004   87,482 
6  Alcesmar Limited  12-20005   205,469 
7  Alcmar Limited  12-20006   294,778 
8  Alpha Suezmax Corporation  12-20007   81,432 
9  Alpha Tanker Corporation  12-20008   146 
10  Amalia Product Corporation  12-20009   299,649 
11  Ambermar Product Carrier Corporation  12-20010   663,571 
12  Ambermar Tanker Corporation  12-20011   579 
13  Andromar Limited  12-20012   255,945 
14  Antigmar Limited  12-20013   162,433 
15  Aqua Tanker Corporation  12-20014   1,986 
16  Aquarius Tanker Corporation  12-20015   242,744 
17  Ariadmar Limited  12-20016   264,527 
18  Aspro Tanker Corporation  12-20017   570 
19  Atalmar Limited  12-20018   803,345 
20  Athens Product Tanker Corporation  12-20019   870,753 
21  Atlas Chartering Corporation  12-20020   110,296 
22  Aurora Shipping Corporation  12-20021   479,252 
23  Avila Tanker Corporation  12-20022   526 
24  Batangas Tanker Corporation  12-20023   108,023 
25  Beta Aframax Corporation  12-20024   (27,058)

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 6 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
26  Brooklyn Product Tanker Corporation  12-20025   16,600 
27  Cabo Hellas Limited  12-20026   225,993 
28  Cabo Sounion Limited  12-20027   368,028 
29  Caribbean Tanker Corporation  12-20028   5,324 
30  Carina Tanker Corporation  12-20029   271,764 
31  Carl Product Corporation  12-20030   312,999 
32  Concept Tanker Corporation  12-20031   405,357 
33  Crown Tanker Corporation  12-20032   110 
34  Delphina Tanker Corporation  12-20033   - 
35  Delta Aframax Corporation  12-20034   316,430 
36  DHT Ania Aframax Corp.  12-20035   508 
37  DHT Ann VLCC Corp.  12-20036   11,244 
38  DHT Cathy Aframax Corp.  12-20037   6,072 
39  DHT Chris VLCC Corp.  12-20038   9,390 
40  DHT Rebecca Aframax Corp.  12-20039   770 
41  DHT Regal Unity VLCC Corp.  12-20040   5,434 
42  DHT Sophie Aframax Corp.  12-20041   4,200 
43  Dignity Chartering Corporation  12-20042   7,632 
44  Edindun Shipping Corporation  12-20043   - 
45  Eighth Aframax Tanker Corporation  12-20044   262,154 
46  Epsilon Aframax Corporation  12-20045   425,251 
47  First Chemical Carrier Corporation  12-20046   442,265 
48  First LPG Tanker Corporation  12-20047   2,428 
49  First Union Tanker Corporation  12-20048   710,706 
50  Fourth Aframax Tanker Corporation  12-20049   5,109 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 7 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
51  Front President Inc.  12-20050   359,545 
52  Goldmar Limited  12-20051   239,009 
53  GPC Aframax Corporation  12-20052   668,261 
54  Grace Chartering Corporation  12-20053   (4,205)
55  International Seaways, Inc.  12-20054   2,197,366 
56  Jademar Limited  12-20055   292,538 
57  Joyce Car Carrier Corporation  12-20056   5,868 
58  Juneau Tanker Corporation  12-20057   3,128 
59  Kimolos Tanker Corporation  12-20058   1,408,328 
60  Kythnos Chartering Corporation  12-20059   1,103,688 
61  Leo Tanker Corporation  12-20060   41,944 
62  Leyte Product Tanker Corporation  12-20061   245,654 
63  Limar Charter Corporation  12-20062   73,118 
64  Luxmar Product Tanker Corporation  12-20063   627,745 
65  Luxmar Tanker LLC  12-20064   17,359 
66  Majestic Tankers Corporation  12-20065   494,486 
67  Maple Tanker Corporation  12-20066   463,808 
68  Maremar Product Tanker Corporation  12-20067   21 
69  Maremar Tanker LLC  12-20068   368,448 
70  Marilyn Vessel Corporation  12-20069   164 
71  Maritrans General Partner Inc.  12-20070   91 
72  Maritrans Operating Company L.P.  12-20071   9,204 
73  Milos Product Tanker Corporation  12-20072   239,971 
74  Mindanao Tanker Corporation  12-20073   15,888 
75  Mykonos Tanker LLC  12-20074   1,110,344 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 8 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
76  Nedimar Charter Corporation  12-20075   28,547 
77  Oak Tanker Corporation  12-20076   344,988 
78  Ocean Bulk Ships, Inc.  12-20077   3 
79  Oceania Tanker Corporation  12-20078   181,594 
80  OSG 192 LLC  12-20079   516,078 
81  OSG 209 LLC  12-20080   63,349 
82  OSG 214 LLC  12-20081   113,137 
83  OSG 215 Corporation  12-20082   42 
84  OSG 242 LLC  12-20083   48,255 
85  OSG 243 LLC  12-20084   130,874 
86  OSG 244 LLC  12-20085   56,381 
87  OSG 252 LLC  12-20086   111,832 
88  OSG 254 LLC  12-20087   93,041 
89  OSG 300 LLC  12-20088   14 
90  OSG 400 LLC  12-20089   5,017 
91  OSG America L.P.  12-20090   14 
92  OSG America LLC  12-20091   79 
93  OSG America Operating Company LLC  12-20092   414,849 
94  OSG Car Carriers, Inc.  12-20093   2,366 
95  OSG Clean Products International, Inc.  12-20094   17 
96  OSG Columbia LLC  12-20095   212,074 
97  OSG Constitution LLC  12-20096   1,370 
98  OSG Courageous LLC  12-20097   240,063 
99  OSG Delaware Bay Lightering LLC  12-20098   2,155,193 
100  OSG Discovery LLC  12-20099   312 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 9 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
101  OSG Endeavor LLC  12-20100   75 
102  OSG Endurance LLC  12-20101   230,030 
103  OSG Enterprise LLC  12-20102   221,082 
104  OSG Financial Corp.  12-20103   3,480 
105  OSG Freedom LLC  12-20104   67,129 
106  OSG Honour LLC  12-20105   211,986 
107  OSG Independence LLC  12-20106   211,536 
108  OSG Intrepid LLC  12-20107   197,215 
109  OSG Liberty LLC  12-20108   3,481 
110  OSG Lightering LLC  12-20109   8,731,808 
111  OSG Lightering Acquisition Corporation  12-20110   686 
112  OSG Lightering Solutions LLC  12-20111   1,178 
113  OSG Mariner LLC  12-20112   75 
114  OSG Maritrans Parent LLC  12-20113   38,564 
115  OSG Navigator LLC  12-20114   214,905 
116  OSG New York, Inc.  12-20115   510,092 
117  OSG Product Tankers AVTC, LLC  12-20116   17 
118  OSG Product Tankers Member LLC  12-20117   0 
119  OSG Product Tankers II, LLC  12-20118   1 
120  OSG Product Tankers I, LLC  12-20119   1 
121  OSG Product Tankers, LLC  12-20120   3 
122  OSG Quest LLC  12-20121   48 
123  OSG Seafarer LLC  12-20122   235 
124  OSG Ship Management, Inc.  12-20123   5,395,771 
125  OSG Valour LLC  12-20124   384 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 10 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
126  Overseas Allegiance Corporation  12-20125   1 
127  Overseas Anacortes LLC  12-20126   1,325,068 
128  Overseas Boston LLC  12-20127   1,331,940 
129  Overseas Diligence LLC  12-20128   137 
130  Overseas Galena Bay LLC  12-20129   911 
131  Overseas Houston LLC  12-20130   1,110,830 
132  Overseas Integrity LLC  12-20131   367 
133  Overseas Long Beach LLC  12-20132   1,132,896 
134  Overseas Los Angeles LLC  12-20133   1,284,357 
135  Overseas Martinez LLC  12-20134   1,324,086 
136  Overseas New Orleans LLC  12-20135   760 
137  Overseas New York LLC  12-20136   1,814,492 
138  Overseas Nikiski LLC  12-20137   1,247,207 
139  Overseas Perseverance Corporation  12-20138   131 
140  Overseas Philadelphia LLC  12-20139   312 
141  Overseas Puget Sound LLC  12-20140   2,946 
142  Overseas Sea Swift Corporation  12-20141   3 
143  Overseas Shipping (GR) Ltd.  12-20142   199,484 
144  Overseas ST Holding LLC  12-20143   1,289,982 
145  Overseas Tampa LLC  12-20144   1,407,577 
146  Overseas Texas City LLC  12-20145   1,171,981 
147  Pearlmar Limited  12-20146   386,055 
148  Petromar Limited  12-20147   712,366 
149  Pisces Tanker Corporation  12-20148   227,514 
150  Polaris Tanker Corporation  12-20149   77,243 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 11 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
151  Queens Product Tanker Corporation  12-20150   27,354 
152  Reymar Limited  12-20151   521,201 
153  Rich Tanker Corporation  12-20152   940,737 
154  Rimar Chartering Corporation  12-20153   146,833 
155  Rosalyn Tanker Corporation  12-20154   757,088 
156  Rosemar Limited  12-20155   281,330 
157  Rubymar Limited  12-20156   49,699 
158  Sakura Transport Corp.  12-20157   538,892 
159  Samar Product Tanker Corporation  12-20158   350,630 
160  Santorini Tanker LLC  12-20159   1,252,202 
161  Serifos Tanker Corporation  12-20160   106,012 
162  Seventh Aframax Tanker Corporation  12-20161   224,664 
163  Shirley Tanker SRL  12-20162   334,769 
164  Sifnos Tanker Corporation  12-20163   420,505 
165  Silvermar Limited  12-20164   187,960 
166  Sixth Aframax Tanker Corporation  12-20165   231,050 
167  Skopelos Product Tanker Corporation  12-20166   865,695 
168  Star Chartering Corporation  12-20167   449,946 
169  Suezmax International Agencies, Inc.  12-20168   1,891,987 
170  Talara Chartering Corporation  12-20169   32,144 
171  Third United Shipping Corporation  12-20170   18,040 
172  Tokyo Transport Corp.  12-20171   431,415 
173  Transbulk Carriers, Inc.  12-20172   87 
174  Troy Chartering Corporation  12-20173   52,615 
175  Troy Product Corporation  12-20174   20,097 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 12 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

176  Urban Tanker Corporation  12-20175   403,944 
177  Vega Tanker Corporation  12-20176   1,263 
178  View Tanker Corporation  12-20177   399,341 
179  Vivian Tankships Corporation  12-20178   6,110 
180  Vulpecula Chartering Corporation  12-20179   116,477 
181  Wind Aframax Tanker Corporation  12-20180   11 
            
      Total Disbursements  $69,925,960 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 13 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1b

Schedule of Professional Fees and Expenses Paid1

For the Period April 1, 2013 through April 30, 2013

 

   Amounts Paid this Period   Cumulative Amount Paid Since Petition Date 
Professional  Fees   Expenses   Total   Fees   Expenses   Total 
Akin Gump Straus Hauer & Feld LLP  $696,995   $25,050   $722,044   $1,299,824   $33,724   $1,333,548 
Bowman Gilfillan, Inc.             -    -    -    - 
Burke & Parsons   6,143         6,143    78,748    3,139    81,887 
Chilmark Partners, LLC             -    -    -    - 
Cleary Gottlieb Steen & Hamilton LLP   2,486,228    60,053    2,546,281    4,054,885    85,637    4,140,523 
Deloitte Tax LLP             -    -    -    - 
Eversheds LLP             -    -    -    - 
FTI Consulting, Inc.   368,476    767    369,243    516,581    860    517,442 
Houlihan Lokey Capital, Inc.             -    284,667    3,116    287,782 
Kurtzman Carson Consultants LLC             -    -    -    - 
Mercer (US) Inc.             -    -    -    - 
Morris, Nichols, Arsht & Tunnell LLP   95,642    1,747    97,389    95,642    13,836    109,478 
Mullin Hoard & Brown LLP   82,657    8,802    91,459    82,657    8,802    91,459 
Pepper Hamilton LLP   24,638    1,206    25,845    71,459    5,068    76,527 
Pricewaterhouse Coopers LLP             -    -    -    - 
                             - 
Total Professional Fees and Expenses  $3,760,778   $97,625   $3,858,404   $6,484,463   $154,182   $6,638,645 

 

 

1 Certain of the professionals listed in the table have had retention applications approved by the Bankruptcy Court (the “Retention Orders”) prior to the reporting date, but no payments have been made to the retained professionals as of the reporting date under the Retention Orders.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 14 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1b

Schedule of Professional Fees and Expenses Paid (continued)1

For the Period April 1, 2013 through April 30, 2013

 

Professional   Role
Akin Gump Strauss Hauer & Feld LLP   Unsecured Creditors' Committee Co-Counsel
Bowman Gilfillan, Inc.   Debtors' Special Counsel for South African Matters
Burke & Parsons   Debtors' Special Counsel for United States Maritime Matters
Chilmark Partners, LLC   Debtors' Financial and Restructuring Advisor
Cleary Gottlieb Steen & Hamilton LLP   Debtors' Counsel
Deloitte Tax LLP   Debtors' Tax Advisor
Eversheds LLP   Debtors' Special Counsel For United Kingdom Maritime Matters
FTI Consulting, Inc.   Unsecured Creditors' Committee Financial Advisor
Houlihan Lokey Capital, Inc.   Unsecured Creditors' Committee Financial Advisor and Investment Banker
Kurtzman Carson Consultants LLC   Claims and Noticing Agent
Mercer (US) Inc.   Compensation Specialist
Morris, Nichols, Arsht & Tunnell LLP   Debtors' Delaware Bankruptcy Co-Counsel
Mullin Hoard & Brown, L.L.P.   Debtors' Special Litigation Counsel
Pepper Hamilton LLP   Unsecured Creditors' Committee Co-Counsel
PricewaterhouseCoopers LLP   Debtors' Independent Auditor, Accountant and Tax Advisor

 

 

1 Certain of the professionals listed in the table below have had retention applications approved by the Bankruptcy Court (the “Retention Orders”) prior to the reporting date, but no payments have been made to the retained professionals as of the reporting date under the Retention Orders.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 15 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Debtors Statement with respect to Bank Account Reconciliations, Bank Statements and Cash

Disbursements Journal

For the Period April 1, 2013 through April 30, 2013

 

Bank Account Reconciliations & Cash Disbursement Journals

The Debtors affirm that bank reconciliations are prepared for all open and active bank accounts on a monthly basis. The Debtors affirm that within its financial accounting systems, check registers and/or disbursement journals are maintained for each disbursement account.

 

Bank Statements

The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors.

 

Closed Bank Accounts

The Debtors affirm that the following bank account(s) were closed during the current reporting period.

 

Debtor Bank/Institution Account # Date of Closing
Goldmar Limited JPMorgan Chase Bank XXX-XX0622 4/17/2013
Jademar Limited JPMorgan Chase Bank XXX-XX0932 4/17/2013
Pearlmar Limited JPMorgan Chase Bank XXX-XX0940 4/17/2013
Reymar Limited JPMorgan Chase Bank XXX-XX0533 4/17/2013
Silvermar Limited JPMorgan Chase Bank XXX-XX0975 4/17/2013

 

Opened Bank Accounts

The Debtors affirm that the following bank account(s) were opened during the current reporting period.

 

Debtor Bank/Institution Account # Date of Opening
None      

 

Debtor Bank Account Balances

See Appendix B

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 16 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-2

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidated Statements of Operations

For the Periods April 1, 2013 through April 30, 2013, and

November 14, 2012 through April 30, 2013

(in thousands of dollars)

 

   April 1, 2013
through
April 30, 2013
   November 14, 2012
through
April 30, 2013
 
         
Shipping Revenues:          
           
Pool revenues  $13,787   $96,920 
Time and bareboat charter revenues   29,614    157,489 
Voyage charter revenues   27,185    200,767 
    70,586    455,176 
Operating Expenses:          
Voyage expenses   13,591    100,574 
Vessel expenses   23,678    127,780 
Charter hire expenses   12,414    121,639 
Depreciation and amortization   15,812    90,802 
General and administrative   11,593    39,272 
(Gain)/loss on disposal of vessels   (439)   647 
Total Operating Expenses   76,651    480,714 
Loss from Vessel Operations   (6,065)   (25,538)
Equity in Income of Affiliated Companies   2,778    20,060 
Operating Loss   (3,287)   (5,478)
Other Income   61    64 
Loss before Interest Expense and Income Taxes   (3,226)   (5,414)
Interest Expense   (902)   (5,599)
Loss before Reorganization Items and Income Taxes   (4,128)   (11,013)
Reorganization Items, net   4,862    41,218 
Loss before Income Taxes  $(8,990)  $(52,231)

 

See Notes to Unaudited Condensed Consolidated Statements of Operations on the following page

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 17 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-2

Overseas Shipholding Group, Inc.

Notes to Unaudited Condensed Consolidated Statements of Operations

For the Periods April 1, 2013 through April 30, 2013, and

November 14, 2012 through April 30, 2013

 

1.The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustment. The Unaudited Condensed Consolidated Statements of Operations have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework.

 

2.As disclosed in the Forms 8-K filed by Overseas Shipholding Group, Inc. (the “Company”) with the Securities and Exchange Commission (“SEC”) on October 3, 2012 and October 22, 2012, the Company is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Company’s loan agreements. As a result of that continuing process, on October 19, 2012, the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Audit Committee and authorized officers have informed the Company’s independent registered public accountants of this conclusion. The Company is continuing its review processes, including determining whether a restatement of those financial statements may be required, and the nature and amount of any potential restatement. Due to the Company’s continuing review processes, the financial statements contained herein have been prepared without any consideration of income taxes, including income taxes with respect to prior periods, and should be evaluated taking into consideration the recommendation of management that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon.

 

3.Reorganization Items consists of the following:

 

   April 1, 2013   November 14, 2012 
   through   through 
   April 30, 2013   April 30, 2013 
Professional fees, including Trustee Fees of $266 and $1,733  $4,859   $32,845 
Expenses incurred on rejected executory contracts  $3   $8,373 
   $4,862   $41,218 

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 18 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-3

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidated Balance Sheets

As of November 13, 2012 and April 30, 2013

(in thousands of dollars)

 

   November 13, 2012   April 30, 2013 
ASSETS          
Current Assets:          
Cash and cash equivalents  $477,973   $564,811 
Voyage receivables   171,753    146,703 
Other receivables   80,669    62,466 
Inventory   14,150    12,316 
Prepaid expenses and other current assets   46,636    43,726 
Total Current Assets   791,181    830,023 
Vessels and other property, less accumulated depreciation   3,135,823    3,072,811 
Deferred drydock expenditures, net   73,898    65,072 
Total Vessels, Deferred Drydock and Other Property   3,209,721    3,137,884 
Investments in Affiliated Companies   247,964    265,345 
Intangible Assets, less accumulated amortization   72,655    70,247 
Goodwill   9,589    9,589 
Other Assets   20,579    20,234 
Total Assets  $4,351,689   $4,333,322 
           
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $93,168   $123,581 
Total Current Liabilities   93,168    123,581 
           
Noncurrent Liabilities:          
Deferred Gain/(loss) on Sale and Leaseback of Vessels   5,457    - 
Deferred Taxes and Other Liabilities   247,704    240,637 
Liabilities Subject to Compromise   2,627,704    2,624,842 
Total Noncurrent Liabilities   2,880,865    2,865,479 
           
Total Liabilities   2,974,033    2,989,059 
Equity:          
Total Equity   1,377,656    1,344,263 
Total Liabilities and Equity  $4,351,689   $4,333,322 

 

See Notes to Unaudited Condensed Consolidated Balance Sheets on the following page

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 19 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-3

Overseas Shipholding Group, Inc.

Notes to Unaudited Condensed Consolidated Balance Sheets

As of November 13, 2012 and April 30, 2013

(in thousands of dollars)

 

1.The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements. Actual results may differ from those estimates. All information contained herein is unaudited and subject to future adjustment and certain such adjustments recorded to the financial statements previously reported in the Monthly Operating Reports are reflected in the financial statements presented herein. The Unaudited Condensed Consolidated Balance Sheets have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework.

 

2.As disclosed in the Forms 8-K filed by Overseas Shipholding Group, Inc. (the “Company”) with the Securities and Exchange Commission (“SEC”) on October 3, 2012 and October 22, 2012, the Company is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Company’s loan agreements. As a result of that continuing process, on October 19, 2012, the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Audit Committee and authorized officers have informed the Company’s independent registered public accountants of this conclusion. The Company is continuing its review processes, including determining whether a restatement of those financial statements may be required, and the nature and amount of any potential restatement. Due to the Company’s continuing review processes, the financial statements contained herein have been prepared without any consideration of income taxes, including income taxes with respect to prior periods, and should be evaluated taking into consideration the recommendation of management that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon.

 

3.The liabilities reported in the Unaudited Condensed Consolidated Balance Sheets do not currently reflect any analysis regarding potential claims under the Bankruptcy Code, including executory contracts rejected prior to the end of the reporting period for which performance had also ceased by the end of the reporting period.

 

4.The Company allocated liabilities between pre-petition and post-petition periods based on the information available and research conducted in connection with the preparation of this Monthly Operating Report. As additional information becomes available, the allocation of liabilities between the pre-petition and post-petition periods may change.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 20 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-3

Overseas Shipholding Group, Inc.

Notes to Unaudited Condensed Consolidated Balance Sheets (continued)

As of November 13, 2012 and April 30, 2013

(in thousands of dollars)

 

5.As a result of the chapter 11 filings, the Company’s unsecured debt has been classified as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. In accordance with ASC Topic 852, as interest on the Company’s unsecured debt subsequent to the Petition Date is not expected to be an allowed claim, the Company has not accrued interest expense on its unsecured debt subsequent to the Petition Date. With respect to the Company’s secured debt, the value of the collateral securing the debt is still being determined, and accordingly, the Company does not know if the value of the collateral is sufficient to satisfy the secured debt claims. As a result, the Company has classified secured debt as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. Pursuant to the Bankruptcy Court's orders, dated February 5, 2013, granting adequate protection [D.I. 0459 and 0460], the Company has continued to pay unpaid interest expense on the secured debt as part of the adequate protection payments. The Bankruptcy Court Orders preserve any challenge to the application of any such authorized payments pursuant to Section 506 (b) of the Bankruptcy Code or otherwise. Should a determination be made that collateral is not sufficient to satisfy the secured debt, the Company and other parties in interest reserve the right to seek to recharacterize the adequate protection payments as payments on account of the principal amounts outstanding as of the petition date. The Company is evaluating the presentation of the adequate protection payments in its Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statement of Operations.

 

6.Liabilities Subject to Compromise consist of the following:

 

   November 13, 2012   April 30, 2013 
Pre-petition accounts payable, accrued expenses and other liabilities  $398   $1,855 
Senior Notes   500,780    500,780 
Unsecured revolver   1,488,579    1,488,579 
Accrued interest and fees on unsecured revolver   10,878    10,878 
Secured debt and accrued interest   582,139    581,658 
Derivative liabilities   3,566    3,566 
Pension and other postretirement benefit plan liabilities   41,363    37,148 
Accrued liabilities relating to rejected executory contracts   0    377 
           
   $2,627,704   $2,624,842 

 

The reduction in Pension and other postretirement benefit plan liabilities in the above table is principally attributable to an increase in the discount rate subsequent to November 13, 2012 that was used to calculate the benefit obligation under the Debtors’ domestic defined benefit pension plan.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 21 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Declaration Regarding the Status of Post-Petition Taxes of the Debtors

As of April 30, 2013

 

STATE OF NEW YORK

 

NEW YORK COUNTY

 

Jerry Miller hereby declares and states:

 

1.          I am Controller for Overseas Shipholding Group, Inc., a corporation organized under the laws of the State of Delaware and the Debtor in the above-captioned chapter 11 cases (the “Debtors”). I am familiar with the Debtors’ day-to-day operations, business affairs and books and records.

 

2.          All statements in this Declaration are based on my personal knowledge, my review of the relevant documents, my discussions with other employees of the Debtors, or my opinion based upon my experience and knowledge of the Debtors’ operations and financial condition. If I were called upon to testify, I could and would testify to each of the facts set forth herein based on such personal knowledge, review of documents or opinion. I am authorized to submit this Declaration on behalf of the Debtors.

 

3.          To the best of my knowledge, the Debtors have filed all necessary federal, state and local post-petition tax returns and made all required post-petition tax payments in connection therewith on a timely basis or have promptly remediated any late filings or payments that may have occurred due to unintentional oversights.1

 

Dated: July 1, 2013   Respectfully submitted,
New York, New York    
     
    /s/ Jerry Miller
    Jerry Miller
    Controller, Overseas Shipholding Group, Inc.

 

 

1 The Debtors used ADP for the remittance of all payroll taxes.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 22 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-4

Overseas Shipholding Group, Inc.

Consolidated Summary of Unpaid Post-Petition Accounts Payable1

April 30, 2013

 

Days Past Due 
Current   1-30   31-60   61-90   >91   Total 
$12,572,865   $1,254,477   $614,356   $3,027,312   $1,317,339   $18,786,349 
 67%   7%   3%   16%   7%     

 

 

 

1 The post-petition accounts payable is reported at a consolidated basis including both Debtors and non-Debtor subsidiaries to more completely reflect the liabilities of all Debtor entities, many of which utilize non-Debtor affiliates as their paying agent under the centralized cash management system of the Company. The accounts payable reported represent open trade vendor invoices that have been entered into the Company’s accounts payable system and pre-petition amounts that the Company intends to pay in accordance with various orders of the Bankruptcy Court. This summary does not include accruals for invoices not yet received or approved.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 23 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-5

Overseas Shipholding Group, Inc.

Consolidated Trade Accounts Receivable and Aging

April 30, 2013

 

   Days Aged 1 
   0-30   31-60   61-90   91-120   120-180   > 180   Total 
Trade Receivables:                                   
Trade - Invoiced 2  $9,627,901   $4,937,986   $4,545,687   $907,603   $2,818,084   $5,807,349   $28,644,610 
Trade - Accrued and Unbilled3                                $17,638,262 
Trade - Pools4                                $101,314,470 
Allowance for Doubtful Receivables                                $(3,077,148)
Accounts Receivable  $9,627,901   $4,937,986   $4,545,687   $907,603   $2,818,084   $5,807,349   $144,520,194 
Percentage of Trade-Invoiced 5   34%   17%   16%   3%   10%   20%   100%

 

Notes:

1Days Aged is based on the date of invoice
2Represents invoiced freight & miscellaneous, demurrage and non-voyage accounts receivable for the consolidated Company.
3Represents unbilled trade accounts receivables of the consolidated Company
4Represents undistributed earnings receivable from the commercial pools in which the Company participates
5Represents percentage of Trade-Invoiced amounts only

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 24 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-6

Debtor Questionnaire

For the Period April 1, 2013 through April 30, 2013

 

    Yes No
1. Have any assets been sold or transferred outside the normal course of business this reporting period?  If yes, provide an explanation below. X1  
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period.  If yes, provide an explanation below. X2  
3. Have all post-petition tax returns been timely filed?  If no, provide an explanation. X  
4. Are workers compensation, general liability and other necessary insurance coverage’s in effect?  If no, provide an explanation. X  
5. Have any bank accounts been opened during the reporting period?  If yes, provide documentation identifying the opened account(s).  If an investment account has been opened provide the required documentation pursuant to Local Rule 4001-3   X

 

 

1 Certain chartered vessels have been redelivered to their respective owners in conjunction with the rejection of the related charter agreements as provided for under various contract rejection orders approved by the Bankruptcy Court.

2 As provided for in the Final Order Pursuant to 11 U.S.C. §§ 105(a), 345, 363(c)(1), 364(a), 364(c) and 503(b)(1), and Fed. R. Bankr. P. 6003: (A) Approving the Continued Use of the Cash Management System, Bank Accounts and Business Forms; (B) Permitting Continued Intercompany Transactions and Transfers and Granting Liens, Claims and Other Relief in Connection Therewith; (C) Authorizing Banks to Honor Certain Transfers and Charge Certain Fees and Other Amounts; and (D) Approving Limited Waiver of Section 345 dated January 24, 2013 [D.I. 0396] (the “Cash Management Order”), certain non-Debtor affiliates pay expenses to third parties on behalf of current or prior vessel-operating Debtors, including the payment of general and administrative expenses incurred by such non-Debtor affiliates. These non-Debtor affiliates are funded through Intercompany Revolvers, as defined in the Cash Management Order.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 25 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

 

Company Legal Name Case No.
Overseas Shipholding Group, Inc. 12-20000
OSG International, Inc. 12-20001
OSG Bulk Ships, Inc. 12-20002
1372 Tanker Corporation 12-20003
Africa Tanker Corporation 12-20004
Alcesmar Limited 12-20005
Alcmar Limited 12-20006
Alpha Suezmax Corporation 12-20007
Alpha Tanker Corporation 12-20008
Amalia Product Corporation 12-20009
Ambermar Product Carrier Corporation 12-20010
Ambermar Tanker Corporation 12-20011
Andromar Limited 12-20012
Antigmar Limited 12-20013
Aqua Tanker Corporation 12-20014
Aquarius Tanker Corporation 12-20015
Ariadmar Limited 12-20016
Aspro Tanker Corporation 12-20017
Atalmar Limited 12-20018
Athens Product Tanker Corporation 12-20019
Atlas Chartering Corporation 12-20020
Aurora Shipping Corporation 12-20021
Avila Tanker Corporation 12-20022
Batangas Tanker Corporation 12-20023
Beta Aframax Corporation 12-20024
Brooklyn Product Tanker Corporation 12-20025
Cabo Hellas Limited 12-20026
Cabo Sounion Limited 12-20027
Caribbean Tanker Corporation 12-20028
Carina Tanker Corporation 12-20029
Carl Product Corporation 12-20030
Concept Tanker Corporation 12-20031
Crown Tanker Corporation 12-20032
Delphina Tanker Corporation 12-20033
Delta Aframax Corporation 12-20034
DHT Ania Aframax Corp. 12-20035
DHT Ann VLCC Corp. 12-20036
DHT Cathy Aframax Corp. 12-20037
DHT Chris VLCC Corp. 12-20038
DHT Rebecca Aframax Corp. 12-20039

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 26 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

Company Legal Name Case No.
DHT Regal Unity VLCC Corp. 12-20040
DHT Sophie Aframax Corp. 12-20041
Dignity Chartering Corporation 12-20042
Edindun Shipping Corporation 12-20043
Eighth Aframax Tanker Corporation 12-20044
Epsilon Aframax Corporation 12-20045
First Chemical Carrier Corporation 12-20046
First LPG Tanker Corporation 12-20047
First Union Tanker Corporation 12-20048
Fourth Aframax Tanker Corporation 12-20049
Front President Inc. 12-20050
Goldmar Limited 12-20051
GPC Aframax Corporation 12-20052
Grace Chartering Corporation 12-20053
International Seaways, Inc. 12-20054
Jademar Limited 12-20055
Joyce Car Carrier Corporation 12-20056
Juneau Tanker Corporation 12-20057
Kimolos Tanker Corporation 12-20058
Kythnos Chartering Corporation 12-20059
Leo Tanker Corporation 12-20060
Leyte Product Tanker Corporation 12-20061
Limar Charter Corporation 12-20062
Luxmar Product Tanker Corporation 12-20063
Luxmar Tanker LLC 12-20064
Majestic Tankers Corporation 12-20065
Maple Tanker Corporation 12-20066
Maremar Product Tanker Corporation 12-20067
Maremar Tanker LLC 12-20068
Marilyn Vessel Corporation 12-20069
Maritrans General Partner Inc. 12-20070
Maritrans Operating Company L.P. 12-20071
Milos Product Tanker Corporation 12-20072
Mindanao Tanker Corporation 12-20073
Mykonos Tanker LLC 12-20074
Nedimar Charter Corporation 12-20075
Oak Tanker Corporation 12-20076
Ocean Bulk Ships, Inc. 12-20077
Oceania Tanker Corporation 12-20078
OSG 192 LLC 12-20079
OSG 209 LLC 12-20080

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 27 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

Company Legal Name Case No.
OSG 214 LLC 12-20081
OSG 215 Corporation 12-20082
OSG 242 LLC 12-20083
OSG 243 LLC 12-20084
OSG 244 LLC 12-20085
OSG 252 LLC 12-20086
OSG 254 LLC 12-20087
OSG 300 LLC 12-20088
OSG 400 LLC 12-20089
OSG America L.P. 12-20090
OSG America LLC 12-20091
OSG America Operating Company LLC 12-20092
OSG Car Carriers, Inc. 12-20093
OSG Clean Products International, Inc. 12-20094
OSG Columbia LLC 12-20095
OSG Constitution LLC 12-20096
OSG Courageous LLC 12-20097
OSG Delaware Bay Lightering LLC 12-20098
OSG Discovery LLC 12-20099
OSG Endeavor LLC 12-20100
OSG Endurance LLC 12-20101
OSG Enterprise LLC 12-20102
OSG Financial Corp. 12-20103
OSG Freedom LLC 12-20104
OSG Honour LLC 12-20105
OSG Independence LLC 12-20106
OSG Intrepid LLC 12-20107
OSG Liberty LLC 12-20108
OSG Lightering LLC 12-20109
OSG Lightering Acquisition Corporation 12-20110
OSG Lightering Solutions LLC 12-20111
OSG Mariner LLC 12-20112
OSG Maritrans Parent LLC 12-20113
OSG Navigator LLC 12-20114
OSG New York, Inc. 12-20115
OSG Product Tankers AVTC, LLC 12-20116
OSG Product Tankers Member LLC 12-20117
OSG Product Tankers II, LLC 12-20118
OSG Product Tankers I, LLC 12-20119
OSG Product Tankers, LLC 12-20120
OSG Quest LLC 12-20121

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 28 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

Company Legal Name Case No.
OSG Seafarer LLC 12-20122
OSG Ship Management, Inc. 12-20123
OSG Valour LLC 12-20124
Overseas Allegiance Corporation 12-20125
Overseas Anacortes LLC 12-20126
Overseas Boston LLC 12-20127
Overseas Diligence LLC 12-20128
Overseas Galena Bay LLC 12-20129
Overseas Houston LLC 12-20130
Overseas Integrity LLC 12-20131
Overseas Long Beach LLC 12-20132
Overseas Los Angeles LLC 12-20133
Overseas Martinez LLC 12-20134
Overseas New Orleans LLC 12-20135
Overseas New York LLC 12-20136
Overseas Nikiski LLC 12-20137
Overseas Perseverance Corporation 12-20138
Overseas Philadelphia LLC 12-20139
Overseas Puget Sound LLC 12-20140
Overseas Sea Swift Corporation 12-20141
Overseas Shipping (GR) Ltd. 12-20142
Overseas ST Holding LLC 12-20143
Overseas Tampa LLC 12-20144
Overseas Texas City LLC 12-20145
Pearlmar Limited 12-20146
Petromar Limited 12-20147
Pisces Tanker Corporation 12-20148
Polaris Tanker Corporation 12-20149
Queens Product Tanker Corporation 12-20150
Reymar Limited 12-20151
Rich Tanker Corporation 12-20152
Rimar Chartering Corporation 12-20153
Rosalyn Tanker Corporation 12-20154
Rosemar Limited 12-20155
Rubymar Limited 12-20156
Sakura Transport Corp. 12-20157
Samar Product Tanker Corporation 12-20158
Santorini Tanker LLC 12-20159
Serifos Tanker Corporation 12-20160
Seventh Aframax Tanker Corporation 12-20161
Shirley Tanker SRL 12-20162

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 29 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

Company Legal Name Case No.
Sifnos Tanker Corporation 12-20163
Silvermar Limited 12-20164
Sixth Aframax Tanker Corporation 12-20165
Skopelos Product Tanker Corporation 12-20166
Star Chartering Corporation 12-20167
Suezmax International Agencies, Inc. 12-20168
Talara Chartering Corporation 12-20169
Third United Shipping Corporation 12-20170
Tokyo Transport Corp. 12-20171
Transbulk Carriers, Inc. 12-20172
Troy Chartering Corporation 12-20173
Troy Product Corporation 12-20174
Urban Tanker Corporation 12-20175
Vega Tanker Corporation 12-20176
View Tanker Corporation 12-20177
Vivian Tankships Corporation 12-20178
Vulpecula Chartering Corporation 12-20179
Wind Aframax Tanker Corporation 12-20180

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 30 of 165
 

 

Appendix B

Overseas Shipholding Group, Inc., et al.

Listing of Debtors' Bank Accounts and Book Balances as of April 30, 20131

(in USD)

 

Debtor  EIN  Bank  Currency  Account Number  USD Balance per Books as of
April 30, 2013
 
Cabo Hellas Limited  98-0465299  JP Morgan Chase  USD  XXX-XX0606  $- 
Cabo Sounion Limited  98-0465296  JP Morgan Chase  USD  XXX-XX0614  $- 
Delta Aframax Corporation  98-0489892  HSBC  USD  XXXXX6729  $1,000.00 
Epsilon Aframax Corporation  98-0489895  HSBC  USD  XXXXX6737  $1,000.00 
Front President Inc.  77-0681687  HSBC  USD  XXXXX6745  $1,000.00 
Oak Tanker Corporation  98-0595234  HSBC  USD  XXXX6753  $1,000.00 
Maple Tanker Corporation  98-0595229  HSBC  USD  XXXX6761  $1,000.00 
OSG America Operating Company LLC  45-0575493  Fifth Third Bank - Tampa  USD  XXXXXXX3987  $93,254,323.19 
OSG Bulk Ships, Inc.  13-2632600  Fifth Third Bank - Tampa  USD  XXXXXXX4290  $9,901,140.85 
OSG Bulk Ships, Inc.  13-2632600  JP Morgan Chase  USD  XXXX-XXXXX0-509  $(1,973,466.07)
OSG Bulk Ships, Inc.  13-2632600  JP Morgan Chase  USD  XXX-X-XX7251  $33,335,085.28 
OSG Financial Corp.  13-3178639  JP Morgan Chase  USD  XXX-X-XX3754  $226,485.76 
OSG International, Inc.  98-0467117  HSBC  USD  XXXXX6923  $3,682,863.03 
OSG International, Inc.  98-0467117  JP Morgan Chase  USD  XXX-X-XX5113  $68,075,479.48 
OSG International, Inc.  98-0467117  JP Morgan Chase  USD  XXXXX7192  $5,790,115.60 
OSG Lightering LLC  98-0380553  Bank of Oklahoma  USD  XXXXX9048  $11,343,830.34 
OSG Lightering LLC  98-0380553  Bank of Texas - Houston  USD  XXXXXX9108  $(11,933.96)
OSG Lightering LLC  98-0380553  Bank of Texas - Houston  USD  XXXXXX9174  $1.00 
OSG Ship Management, Inc.  13-3589004  JP Morgan Chase  USD  XXX-XX2788  $10,000.30 
OSG Ship Management, Inc.  13-3589004  Fifth Third Bank - Tampa  USD  XXXXXX2932  $36,690.14 
OSG Ship Management, Inc.  13-3589004  JP Morgan Chase  USD  XXX-XX6624  $381,326.76 
OSG Ship Management, Inc.  13-3589004  JP Morgan Chase  USD  XXX-XX5045  $64,035.83 
Overseas Shipholding Group, Inc.  13-2637623  DnB NOR Bank ASA  USD  XXXX6002  $1,940.55 
Overseas Shipholding Group, Inc.  13-2637623  TD Bank, N.A.  USD  XXX-XXX6647  $24,043,791.74 
Overseas Shipholding Group, Inc.  13-2637623  Morgan Stanley  USD  XXX-XXXXX1-852     
Overseas Shipholding Group, Inc.  13-2637623  BlackRock  USD  X4888  $106,006,205.67 
Overseas Shipholding Group, Inc.  13-2637623  Fidelity  USD  XXXXXXX7175  $99,717,326.60 
Overseas Shipholding Group, Inc.  13-2637623  JP Morgan Chase  USD  XXX-X-XX5014  $1,139,514.73 
Overseas Shipholding Group, Inc.  13-2637623  JP Morgan Chase  USD  XXX6306  $66,005,050.75 
Overseas Shipholding Group, Inc.  13-2637623  JP Morgan Chase  USD  XXX-XX9772  $5,000.00 
Rosemar Limited  98-0417974  JP Morgan Chase  USD  XXX-XX0959  $- 
Rubymar Limited  98-0420767  JP Morgan Chase  USD  XXX-XX0967  $- 
Shirley Tanker SRL  98-0513551  Cidel Bank & Trust, Inc.  USD  XXXXXX-XXX4290  $22.85 
Shirley Tanker SRL  98-0513551  Cidel Bank & Trust, Inc.  CAD  XXXXXX-XXX9190  $- 
Shirley Tanker SRL  98-0513551  Cidel Bank & Trust, Inc.  CAD  XXXXXX-XXX6490  $4,368.67 
            TOTAL  $272,877,489.27 

 

1 Petty cash accounts with nominal balances maintained at certain office locations have been excluded from this list, but are reported in the Cash and Cash Equivalents line item in the balance sheets presented herein.

 

Preliminary and Unaudited

 

Page 31 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix C

Notes to the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets

 

These unaudited condensed consolidating financial statements are provided to fulfill the requirements of the Office of the United States Trustee. Amounts in the columns and rows in the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets may not sum to subtotal or total amounts due to rounding. All information contained herein is unaudited and subject to future adjustment and certain such adjustments recorded to the financial statements previously reported in the Monthly Operating Reports are reflected in the financial statements presented herein. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements. Actual results may differ from those estimates. The Company put forth significant efforts to attribute the results of operations to the proper legal entity. However, because the Company’s accounting systems, policies, and practices were developed with a view to producing consolidated reporting, rather than by legal entity, it is possible that not all assets and liabilities and/or results of operations have been recorded at the correct legal entity in the unaudited condensed consolidating financial statements. These statements should be read in conjunction with the General Notes contained within this Monthly Operating Report. The notes that are contained in this Monthly Operating Report (the "MOR") have been provided to assist the reader in understanding the information presented.  No conclusion as to the completeness of the notes that are included in this MOR, the importance or significance of such notes, or the importance or significance of information that could have been included in such notes, but is not, is made by the inclusion of the notes contained in this MOR.

 

In accordance with normal Company practice, adjustments related to prior periods are recorded and reflected in the period in which it is determined that such adjustments are needed.

 

The Company is a publicly-held company that prepared and filed consolidated financial statements on a quarterly basis. In accordance with the Company’s historic policies and practices related to quarterly reporting, certain information contained in the Monthly Operating Reports is estimated in the first and second months of each calendar quarter, then reconciled to actual results and/or other analysis performed quarterly and adjusted accordingly in the final month of the calendar quarter.

 

Post-petition interest expense and interest income on intercompany loans from Non-Debtors to Debtors is included in Other Income in the accompanying Unaudited Condensed Consolidating Statements of Operations.

 

The Company owns a fleet of ten (10) articulated tug-barges (“ATB”). An ATB consists of a tug and a barge. Each tug and its respective barge are owned by a different Debtor. The revenue associated with the operation of an ATB is recorded on the related barge Debtor entity, whereas the operating expenses of the ATB are recorded on both the related tug and barge respective Debtor entities, based on the specific expenses incurred by each.

 

All of the Company's chartered in vessels are accounted for as operating leases. ASC Topic 840 states that if costs expected to be incurred under an operating sublease (that is, executory costs, which represent costs typically classified as voyage expenses, and charter hire expense - rental payments) exceed anticipated revenue on the operating sublease, a loss shall be recognized by the sublessor in the period it executed the sublease. The provision for a loss on a sublease would be based on the net expected future cash disbursements. Credits to charter hire expense arise, when terms of the sublease, time charter-out, are modified in a period subsequent to the period in which the provision is recorded.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 32 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix C

Notes to the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets

(continued)

 

As a result of the chapter 11 filings, the Company’s unsecured debt has been classified as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. In accordance with ASC Topic 852, as interest on the Company’s unsecured debt subsequent to the Petition Date is not expected to be an allowed claim, the Company has not accrued interest expense on its unsecured debt subsequent to the Petition Date. With respect to the Company’s secured debt, the value of the collateral securing the debt is still being determined, and accordingly, the Company does not know if the value of the collateral is sufficient to satisfy the secured debt claims. As a result, the Company has classified secured debt as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. Pursuant to the Bankruptcy Court's orders, dated February 5, 2013, granting adequate protection [D.I. 0459 and 0460], the Company has continued to pay unpaid interest expense on the secured debt as part of the adequate protection payments. The Bankruptcy Court Orders preserve any challenge to the application of any such authorized payments pursuant to Section 506 (b) of the Bankruptcy Code or otherwise. Should a determination be made that collateral is not sufficient to satisfy the secured debt, the Company and other parties in interest reserve the right to seek to recharacterize the adequate protection payments as payments on account of the principal amounts outstanding as of the petition date. The Company is evaluating the presentation of the adequate protection payments in its Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statement of Operations.

 

Annual allocations of certain expenses that occur between OSG International, Inc., Overseas Shipholding Group, Inc. and OSG Ship Management, Inc. under an Amended and Restated Personnel and Facilities Cost Sharing Agreement, dated January 1, 2005, for the year ended December 31, 2012 have been reflected in the financial statements presented herein. The books and records for December 2012 have accordingly been revised from that previously presented to reflect such annual allocation.

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 33 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

  

   Overseas Shipholding Group, Inc.   OSG International, Inc. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $2   $-   $(15)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    2    -    (15)
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    (3)   (61)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   1,428    1,138    572    (107)
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,428    1,138    568    (168)
Income/(loss) from Vessel Operations   (1,428)   (1,136)   (568)   153 
Equity in Income/(loss) of Affiliated Companies   -    215    677    3,573 
Operating Income/(loss)   (1,428)   (920)   109    3,726 
Other Income/(expense)   507    2,821    (1,995)   (8,666)
Income/(loss) before Interest Expense and Income Taxes   (921)   1,900    (1,886)   (4,940)
Interest Expense   -    -    88    518 
Income/(loss) before Reorganization Items and Income Taxes   (921)   1,900    (1,797)   (4,422)
Reorganization Items, net   4,616    31,853    -    - 
Income/(loss) before Income Taxes  $(5,537)  $(29,953)  $(1,797)  $(4,422)

  

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 34 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Bulk Ships, Inc.   1372 Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $659   $2,349 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    659    2,349 
Operating Expenses:                    
Voyage expenses   -    -    0    147 
Vessel expenses   8    (61)   241    1,530 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    253    1,412 
General and administrative   0    70    -    - 
(Gain)/loss on disposal of vessels   -    (4)   -    - 
Total Operating Expenses   8    5    493    3,090 
Income/(loss) from Vessel Operations   (8)   (5)   166    (741)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (8)   (5)   166    (741)
Other Income/(expense)   (200)   (1,140)   (1)   (2)
Income/(loss) before Interest Expense and Income Taxes   (208)   (1,145)   165    (743)
Interest Expense   -    33    (98)   (619)
Income/(loss) before Reorganization Items and Income Taxes   (208)   (1,112)   67    (1,362)
Reorganization Items, net   -    -    -    21 
Income/(loss) before Income Taxes  $(208)  $(1,112)  $67   $(1,384)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 35 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Africa Tanker Corporation   Alcesmar Limited 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $380   $2,319 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    380    2,319 
Operating Expenses:                    
Voyage expenses   -    -    -    3 
Vessel expenses   7    31    163    1,062 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    204    1,140 
General and administrative   14    77    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   21    108    367    2,205 
Income/(loss) from Vessel Operations   (21)   (108)   13    114 
Equity in Income/(loss) of Affiliated Companies   2,100    13,285    -    - 
Operating Income/(loss)   2,079    13,178    13    114 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   2,079    13,178    13    114 
Interest Expense   -    -    (12)   (80)
Income/(loss) before Reorganization Items and Income Taxes   2,079    13,178    1    34 
Reorganization Items, net   -    -    -    21 
Income/(loss) before Income Taxes  $2,079   $13,178   $1   $12 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 36 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Alcmar Limited   Alpha Suezmax Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $407   $2,492   $-   $(89)
Time and bareboat charter revenues   -    0    -    1,276 
Voyage charter revenues   -    (1)   (5)   14 
    407    2,491    (5)   1,201 
Operating Expenses:                    
Voyage expenses   -    (30)   -    183 
Vessel expenses   202    1,030    40    352 
Charter hire expenses   -    -    -    1,580 
Depreciation and amortization   185    1,035    -    133 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   387    2,035    40    2,248 
Income/(loss) from Vessel Operations   20    456    (45)   (1,047)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   20    456    (45)   (1,047)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   20    456    (45)   (1,047)
Interest Expense   (12)   (80)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   8    376    (45)   (1,047)
Reorganization Items, net   -    21    (29)   2,054 
Income/(loss) before Income Taxes  $8   $354   $(16)  $(3,100)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 37 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Alpha Tanker Corporation   Amalia Product Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(0)  $526   $2,884 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    4 
    -    (0)   526    2,888 
Operating Expenses:                    
Voyage expenses   -    -    2    4 
Vessel expenses   -    -    238    1,107 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    233    1,305 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    473    2,417 
Income/(loss) from Vessel Operations   -    (0)   53    471 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (0)   53    471 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (0)   53    471 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (0)   53    471 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(0)  $53   $471 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 38 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Ambermar Product Carrier
Corporation
   Ambermar Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   798    4,931    -    - 
    798    4,931    -    - 
Operating Expenses:                    
Voyage expenses   488    2,544    -    - 
Vessel expenses   231    1,176    (0)   (3)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   168    955    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   887    4,676    (0)   (3)
Income/(loss) from Vessel Operations   (89)   255    0    3 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (89)   255    0    3 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (89)   255    0    3 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (89)   255    0    3 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(89)  $255   $0   $3 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 39 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Andromar Limited   Antigmar Limited 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $407   $2,501   $407   $2,468 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    (93)   -    51 
    407    2,407    407    2,520 
Operating Expenses:                    
Voyage expenses   -    0    -    71 
Vessel expenses   215    1,012    180    980 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   188    1,051    174    971 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   404    2,064    354    2,022 
Income/(loss) from Vessel Operations   4    343    54    497 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   4    343    54    497 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   4    343    54    497 
Interest Expense   (12)   (80)   (12)   (80)
Income/(loss) before Reorganization Items and Income Taxes   (9)   263    41    417 
Reorganization Items, net   -    21    -    21 
Income/(loss) before Income Taxes  $(9)  $242   $41   $396 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 40 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Aqua Tanker Corporation   Aquarius Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(2)  $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    (10)   4,526 
    -    (2)   (10)   4,526 
Operating Expenses:                    
Voyage expenses   -    -    11    2,728 
Vessel expenses   -    -    2    14 
Charter hire expenses   -    -    -    1,918 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    13    4,660 
Income/(loss) from Vessel Operations   -    (2)   (23)   (134)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (2)   (23)   (134)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (2)   (23)   (134)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (2)   (23)   (134)
Reorganization Items, net   -    -    -    (1)
Income/(loss) before Income Taxes  $-   $(2)  $(23)  $(133)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 41 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Ariadmar Limited   Aspro Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $379   $2,298   $-   $0 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    379    2,298    -    0 
Operating Expenses:                    
Voyage expenses   (0)   (2)   -    - 
Vessel expenses   164    1,062    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   196    1,097    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   360    2,157    -    - 
Income/(loss) from Vessel Operations   19    141    -    0 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   19    141    -    0 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   19    141    -    0 
Interest Expense   (12)   (80)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   7    60    -    0 
Reorganization Items, net   -    21    -    - 
Income/(loss) before Income Taxes  $7   $39   $-   $0 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 42 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Atalmar Limited   Athens Product Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   794    6,325    1,209    6,857 
    794    6,325    1,209    6,857 
Operating Expenses:                    
Voyage expenses   631    3,540    662    2,983 
Vessel expenses   191    967    200    878 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   190    1,061    132    738 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,011    5,568    994    4,600 
Income/(loss) from Vessel Operations   (217)   756    215    2,257 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (217)   756    215    2,257 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (217)   756    215    2,257 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (217)   756    215    2,257 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(217)  $756   $215   $2,257 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 43 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Atlas Chartering Corporation   Aurora Shipping Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $(151)  $1,582 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   (54)   3,823    -    - 
    (54)   3,823    (151)   1,582 
Operating Expenses:                    
Voyage expenses   (8)   2,036    1    38 
Vessel expenses   0    16    630    2,554 
Charter hire expenses   -    1,982    -    - 
Depreciation and amortization   -    -    233    1,269 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   (8)   4,034    864    3,861 
Income/(loss) from Vessel Operations   (46)   (211)   (1,015)   (2,279)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (46)   (211)   (1,015)   (2,279)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (46)   (211)   (1,015)   (2,279)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (46)   (211)   (1,015)   (2,279)
Reorganization Items, net   (0)   (1)   -    - 
Income/(loss) before Income Taxes  $(46)  $(210)  $(1,015)  $(2,279)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 44 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Avila Tanker Corporation   Batangas Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $0   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    0    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    (1)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    (1)
Income/(loss) from Vessel Operations   -    0    -    1 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    0    -    1 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    0    -    1 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    0    -    1 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $0   $-   $1 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 45 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Beta Aframax Corporation   Brooklyn Product Tanker
Corporation
 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(3)  $-   $- 
Time and bareboat charter revenues   -    1,708    -    - 
Voyage charter revenues   -    -    -    22 
    -    1,704    -    22 
Operating Expenses:                    
Voyage expenses   -    -    -    (54)
Vessel expenses   31    689    -    112 
Charter hire expenses   -    1,709    -    - 
Depreciation and amortization   -    26    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    (20)
Total Operating Expenses   31    2,424    -    39 
Income/(loss) from Vessel Operations   (31)   (720)   -    (17)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (31)   (720)   -    (17)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (31)   (720)   -    (17)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (31)   (720)   -    (17)
Reorganization Items, net   6    1,116    -    - 
Income/(loss) before Income Taxes  $(37)  $(1,836)  $-   $(17)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 46 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Cabo Hellas Limited   Cabo Sounion Limited 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   365    2,043    365    2,137 
Voyage charter revenues   -    8    -    7 
    365    2,051    365    2,145 
Operating Expenses:                    
Voyage expenses   9    57    8    56 
Vessel expenses   184    1,087    257    1,089 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   191    1,065    192    1,073 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   383    2,210    457    2,218 
Income/(loss) from Vessel Operations   (19)   (159)   (92)   (73)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (19)   (159)   (92)   (73)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (19)   (159)   (92)   (73)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (19)   (159)   (92)   (73)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(19)  $(159)  $(92)  $(73)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 47 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Caribbean Tanker Corporation   Carina Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(0)  $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    166    4,810 
    -    (0)   166    4,810 
Operating Expenses:                    
Voyage expenses   -    -    86    2,074 
Vessel expenses   -    -    (0)   15 
Charter hire expenses   -    -    (96)   2,146 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    (10)   4,236 
Income/(loss) from Vessel Operations   -    (0)   176    574 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (0)   176    574 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (0)   176    574 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (0)   176    574 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(0)  $176   $574 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 48 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Carl Product Corporation   Concept Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(9)  $407   $2,497 
Time and bareboat charter revenues   375    2,100    -    - 
Voyage charter revenues   -    (2)   -    - 
    375    2,089    407    2,497 
Operating Expenses:                    
Voyage expenses   10    (350)   -    - 
Vessel expenses   163    954    4    24 
Charter hire expenses   -    -    (365)   1,840 
Depreciation and amortization   235    1,316    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   409    1,920    (360)   1,864 
Income/(loss) from Vessel Operations   (34)   169    767    633 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (34)   169    767    633 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (34)   169    767    633 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (34)   169    767    633 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(34)  $169   $767   $633 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 49 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Crown Tanker Corporation   Delphina Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013
   April 1 - 30, 2013   November 14,
2012 – April 30,
2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $5   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    5    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    5    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    5    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes