EX-99.1 2 v362733_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 October 1, 2013 through October 31, 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         December 13, 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. The statements contained herein (including estimates) other than historical data and information constitute forward-looking statements. These statements involve risks, assumptions and uncertainties that could cause the Debtors’ actual results to differ materially from those stated or implied by such forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements after the date of this Monthly Operating Report.

  

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 1 of 169
 

 

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. Unless otherwise noted, all amounts are in thousands.

 

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
October 1, 2013 through October 31, 2013

Page 2 of 169
 

 

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. The financial statements do not reflect the Company’s potential termination cost of the OSG Ship Management (UK) Ltd. single employer pension plan or multi-employer pension plans should the plans be terminated on a full buy-out basis. The single employer plan termination liability is estimated to be approximately $26.1 million based on current interest rates, and the current estimated underfunding of the plan is estimated to be approximately $13.6 million as of July 22, 2012. The multi-employer pension plans approximate a solvency deficit estimated to be approximately $14.2 million as of March 31, 2011. Additionally, the potential severance obligations with respect to the Company’s international flag business and corporate office, which exclude payments under the current approved Annual Incentive Plan and Non-Executive Incentive Plan, are estimated to be approximately $9 million and $1 million, respectively. The Company’s aggregate future real estate lease costs for the international flag business and the corporate office are approximately $3.8 million and $4 million, respectively.

 

In October 2012, at the request and under the direction of the audit committee of the board of directors of the Company (the “Audit Committee”), the Company, with the assistance of counsel, commenced an inquiry into the Company’s provision for United States (“U.S.”) federal income taxes in light of certain provisions contained in the Company’s unsecured revolving credit facility scheduled to mature on February 8, 2013 and certain predecessor credit facilities (the “Credit Facilities”). In connection with the inquiry process, on October 19, 2012, the Audit Committee, 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 each of the quarters ended March 31, 2012 and June 30, 2012, should no longer be relied upon. Upon completion of the inquiry in June 2013 it was determined that there were errors in the Company’s previously issued financial statements for each of the years in the twelve year period ended December 31, 2011 (including the interim periods within those years), and for each of the calendar quarters ended March 31, 2012 and June 30, 2012, and such financial statements should be restated.

 

For purposes of its financial statements as of December 31, 2012, the Company has recorded reserves related to the tax effects of cumulative potential deemed dividends, (1) in connection with the Credit Facilities based on a deemed repatriation of $1,194,150 of foreign earnings and (2) related to intercompany balances resulting in the inclusion of $77,000 of foreign earnings, in taxable income. The potential deemed repatriation amount of $1,194,150, takes into account certain defenses available to the Company that the Company believes are more- likely-than-not to be successful. The Company also has recorded a deferred tax liability of $103,388 for the tax effects of unremitted earnings of foreign

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 3 of 169
 

 

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)

 

subsidiaries, which reflects amounts that may be included in taxable income as deemed dividends for taxable year 2013 and future years.

 

The Internal Revenue Service has filed proofs of claim in the Overseas Shipholding Group, Inc. bankruptcy case (Case 12-20000-PJW) in the aggregate liquidated amount of $463,013,177.63 that the Company believes are in respect of the tax effects of the cumulative potential deemed dividends, including interest to the Petition Date, asserting priority treatment under Bankruptcy Code section 507(a)(8).

 

The Company has also restated the consolidated balance sheet as of December 31, 2011 and the related consolidated statements of operations, comprehensive loss, changes in equity and cash flows for the year ended December 31, 2011 to reflect the correction of an error in the method used to estimate the credit valuation adjustments associated with the fair valuation of the interest rate swap derivative contracts of certain of the Company’s equity method investees. The credit risk valuation adjustments were incorrectly estimated without giving consideration to the credit enhancements that were contractually linked to the obligations under such contracts for the year ended December 31, 2011 and for the quarters ended March 31, 2012 and June 30, 2012. Such error overstated the investments in affiliated companies by $19,015 and retained earnings by $1,499 and understated net loss by $1,499 and accumulated other comprehensive loss by $17,516 as of and for the year ended December 31, 2011. The appropriate estimation of the credit risk valuation adjustments has been applied within the consolidated financial statements for the year ended December 31, 2012.

 

The adjustments made as a result of and the potential related cash impact of the restatements are discussed in Note 2, “Company Inquiry and Restatement,” to the consolidated financial statements included in Item 8, “Financial Statement and Supplementary Data,” of the Company’s Annual Report on Form 10-K for 2012 (“Annual Report”), which was filed with the Securities and Exchange Commission on August 26, 2013, and the cumulative impact of the restatement for taxes at the beginning of fiscal year 2008 is presented in Item 6, “Selected Financial Data,” of the Annual Report. For additional discussion of the inquiry and the restatement adjustments, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Company Inquiry and Restatement,” and Note 2, “Company Inquiry and Restatement,” to the consolidated financial statements in such Annual Report. For a description of the material weaknesses identified by management in internal control over financial reporting with respect to income taxes and fair market valuation of interest rate swaps and management’s remediation actions to address the material weaknesses, see Item 9A—“Controls and Procedures,” in such Annual Report.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 4 of 169
 

 

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)

 

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 statements presented herein.

 

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, determination 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. Included within liabilities subject to compromise as of October 31, 2013 are the estimations of potential claims that may be allowed with respect to vessels that had been chartered-in by the Debtors or with respect to nonresidential leases for commercial office space by the Debtors to the extent that such leases were rejected by the Debtors, and the Debtors ceased performing under the charters prior to October 31, 2013.

 

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 of the Company’s assets as of October 31, 2013 reflect impairment charges taken on fifteen of the Company’s vessels in conjunction with held-for-use impairment testing performed by the Company during the preparation of its consolidated financial statements for the period ended December 31, 2012 under U.S. GAAP. 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

  

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 5 of 169
 

 

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)

 

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
October 1, 2013 through October 31, 2013

Page 6 of 169
 

 

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 October 1, 2013 through October 31, 2013

(in thousands of dollars)

 

Beginning Cash Balance1   570,632 
      
Cash Receipts:     
Vessel Related Receipts   79,996 
Other Receipts2   6,234 
Total Receipts   86,230 
      
Cash Disbursements:     
Vessel Related Disbursements3   61,719 
General and Administrative:     
Compensation & Benefits   4,081 
Other General & Administrative   4,206 
Taxes   57 
Restructuring Costs and Adequate Protection Payments   4,056 
U.S. Trustee Fees   751 
Other Disbursements   261 
Total Disbursements   75,131 
      
Ending Cash Balance1   581,731 

 

1 Includes approximately $18 million of cash restricted under secured debt facilities, but excludes approximately $10 million of additional restricted cash included in other current assets in the unaudited condensed consolidated balance sheets.

2 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.

3 Includes expenses paid on behalf of joint ventures.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 7 of 169
 

 

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 October 1, 2013 through October 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
1  Overseas Shipholding Group, Inc.  12-20000  $669,343 
2  OSG International, Inc.  12-20001   1,152,453 
3  OSG Bulk Ships, Inc.  12-20002   512,705 
4  1372 Tanker Corporation  12-20003   3,005,706 
5  Africa Tanker Corporation  12-20004   68,154 
6  Alcesmar Limited  12-20005   139,787 
7  Alcmar Limited  12-20006   333,755 
8  Alpha Suezmax Corporation  12-20007   8,116 
9  Alpha Tanker Corporation  12-20008   93 
10  Amalia Product Corporation  12-20009   161,699 
11  Ambermar Product Carrier Corporation  12-20010   264,792 
12  Ambermar Tanker Corporation  12-20011   416 
13  Andromar Limited  12-20012   180,266 
14  Antigmar Limited  12-20013   267,220 
15  Aqua Tanker Corporation  12-20014   1,535 
16  Aquarius Tanker Corporation  12-20015   6,814 
17  Ariadmar Limited  12-20016   185,663 
18  Aspro Tanker Corporation  12-20017   421 
19  Atalmar Limited  12-20018   527,444 
20  Athens Product Tanker Corporation  12-20019   631,727 
21  Atlas Chartering Corporation  12-20020   9,627 
22  Aurora Shipping Corporation  12-20021   294,990 
23  Avila Tanker Corporation  12-20022   342 
24  Batangas Tanker Corporation  12-20023   524,796 
25  Beta Aframax Corporation  12-20024   20,950 

 

 

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. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 8 of 169
 

 

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 October 1, 2013 through October 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
26  Brooklyn Product Tanker Corporation  12-20025   10,298 
27  Cabo Hellas Limited  12-20026   157,978 
28  Cabo Sounion Limited  12-20027   418,339 
29  Caribbean Tanker Corporation  12-20028   322,844 
30  Carina Tanker Corporation  12-20029   68,273 
31  Carl Product Corporation  12-20030   237,252 
32  Concept Tanker Corporation  12-20031   435,073 
33  Crown Tanker Corporation  12-20032   87 
34  Delphina Tanker Corporation  12-20033   - 
35  Delta Aframax Corporation  12-20034   240,853 
36  DHT Ania Aframax Corp.  12-20035   393 
37  DHT Ann VLCC Corp.  12-20036   8,473 
38  DHT Cathy Aframax Corp.  12-20037   26,788 
39  DHT Chris VLCC Corp.  12-20038   7,071 
40  DHT Rebecca Aframax Corp.  12-20039   579 
41  DHT Regal Unity VLCC Corp.  12-20040   4,094 
42  DHT Sophie Aframax Corp.  12-20041   3,157 
43  Dignity Chartering Corporation  12-20042   17,899 
44  Edindun Shipping Corporation  12-20043   - 
45  Eighth Aframax Tanker Corporation  12-20044   233,346 
46  Epsilon Aframax Corporation  12-20045   210,708 
47  First Chemical Carrier Corporation  12-20046   119,000 
48  First LPG Tanker Corporation  12-20047   1,827 
49  First Union Tanker Corporation  12-20048   250,877 
50  Fourth Aframax Tanker Corporation  12-20049   311,026 

 

 

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. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 9 of 169
 

 

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 October 1, 2013 through October 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
51  Front President Inc.  12-20050   289,622 
52  Goldmar Limited  12-20051   186,057 
53  GPC Aframax Corporation  12-20052   31,506 
54  Grace Chartering Corporation  12-20053   2,466 
55  International Seaways, Inc.  12-20054   3,051,610 
56  Jademar Limited  12-20055   168,959 
57  Joyce Car Carrier Corporation  12-20056   4,379 
58  Juneau Tanker Corporation  12-20057   2,353 
59  Kimolos Tanker Corporation  12-20058   604,655 
60  Kythnos Chartering Corporation  12-20059   390,057 
61  Leo Tanker Corporation  12-20060   8,497 
62  Leyte Product Tanker Corporation  12-20061   182,009 
63  Limar Charter Corporation  12-20062   13,081 
64  Luxmar Product Tanker Corporation  12-20063   631,881 
65  Luxmar Tanker LLC  12-20064   27,184 
66  Majestic Tankers Corporation  12-20065   290,309 
67  Maple Tanker Corporation  12-20066   387,880 
68  Maremar Product Tanker Corporation  12-20067   - 
69  Maremar Tanker LLC  12-20068   33,958 
70  Marilyn Vessel Corporation  12-20069   123 
71  Maritrans General Partner Inc.  12-20070   - 
72  Maritrans Operating Company L.P.  12-20071   6,925 
73  Milos Product Tanker Corporation  12-20072   485,350 
74  Mindanao Tanker Corporation  12-20073   6,745,041 
75  Mykonos Tanker LLC  12-20074   1,307,417 

 

 

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. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 10 of 169
 

 

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 October 1, 2013 through October 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
76  Nedimar Charter Corporation  12-20075   - 
77  Oak Tanker Corporation  12-20076   364,914 
78  Ocean Bulk Ships, Inc.  12-20077   2 
79  Oceania Tanker Corporation  12-20078   2,649 
80  OSG 192 LLC  12-20079   86,416 
81  OSG 209 LLC  12-20080   43,522 
82  OSG 214 LLC  12-20081   168,169 
83  OSG 215 Corporation  12-20082   32 
84  OSG 242 LLC  12-20083   49,756 
85  OSG 243 LLC  12-20084   104,298 
86  OSG 244 LLC  12-20085   605,703 
87  OSG 252 LLC  12-20086   59,932 
88  OSG 254 LLC  12-20087   160,185 
89  OSG 300 LLC  12-20088   11 
90  OSG 400 LLC  12-20089   3,775 
91  OSG America L.P.  12-20090   10 
92  OSG America LLC  12-20091   59 
93  OSG America Operating Company LLC  12-20092   332,722 
94  OSG Car Carriers, Inc.  12-20093   1,780 
95  OSG Clean Products International, Inc.  12-20094   13 
96  OSG Columbia LLC  12-20095   223,504 
97  OSG Constitution LLC  12-20096   730 
98  OSG Courageous LLC  12-20097   327,404 
99  OSG Delaware Bay Lightering LLC  12-20098   1,972,927 
100  OSG Discovery LLC  12-20099   340 

 

 

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. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 11 of 169
 

 

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 October 1, 2013 through October 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
101  OSG Endeavor LLC  12-20100   60 
102  OSG Endurance LLC  12-20101   204,778 
103  OSG Enterprise LLC  12-20102   231,496 
104  OSG Financial Corp.  12-20103   2,619 
105  OSG Freedom LLC  12-20104   661 
106  OSG Honour LLC  12-20105   220,620 
107  OSG Independence LLC  12-20106   230,975 
108  OSG Intrepid LLC  12-20107   214,231 
109  OSG Liberty LLC  12-20108   2,619 
110  OSG Lightering LLC  12-20109   5,109,149 
111  OSG Lightering Acquisition Corporation  12-20110   516 
112  OSG Lightering Solutions LLC  12-20111   886 
113  OSG Mariner LLC  12-20112   60 
114  OSG Maritrans Parent LLC  12-20113   29,009 
115  OSG Navigator LLC  12-20114   201,724 
116  OSG New York, Inc.  12-20115   446,613 
117  OSG Product Tankers AVTC, LLC  12-20116   13 
118  OSG Product Tankers Member LLC  12-20117   - 
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   2 
122  OSG Quest LLC  12-20121   38 
123  OSG Seafarer LLC  12-20122   177 
124  OSG Ship Management, Inc.  12-20123   5,920,725 
125  OSG Valour LLC  12-20124   289 

 

 

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. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 12 of 169
 

 

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 October 1, 2013 through October 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
126  Overseas Allegiance Corporation  12-20125   1 
127  Overseas Anacortes LLC  12-20126   1,361,644 
128  Overseas Boston LLC  12-20127   1,324,071 
129  Overseas Diligence LLC  12-20128   103 
130  Overseas Galena Bay LLC  12-20129   685 
131  Overseas Houston LLC  12-20130   1,154,622 
132  Overseas Integrity LLC  12-20131   276 
133  Overseas Long Beach LLC  12-20132   1,232,996 
134  Overseas Los Angeles LLC  12-20133   1,143,066 
135  Overseas Martinez LLC  12-20134   1,315,818 
136  Overseas New Orleans LLC  12-20135   572 
137  Overseas New York LLC  12-20136   1,116,826 
138  Overseas Nikiski LLC  12-20137   1,315,783 
139  Overseas Perseverance Corporation  12-20138   98 
140  Overseas Philadelphia LLC  12-20139   235 
141  Overseas Puget Sound LLC  12-20140   2,216 
142  Overseas Sea Swift Corporation  12-20141   2 
143  Overseas Shipping (GR) Ltd.  12-20142   150,080 
144  Overseas ST Holding LLC  12-20143   1,182,194 
145  Overseas Tampa LLC  12-20144   2,125,527 
146  Overseas Texas City LLC  12-20145   2,052,948 
147  Pearlmar Limited  12-20146   188,949 
148  Petromar Limited  12-20147   1,063,905 
149  Pisces Tanker Corporation  12-20148   13,459 
150  Polaris Tanker Corporation  12-20149   7,827 

 

 

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. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 13 of 169
 

 

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 October 1, 2013 through October 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
151  Queens Product Tanker Corporation  12-20150   17,196 
152  Reymar Limited  12-20151   150,838 
153  Rich Tanker Corporation  12-20152   1,017,376 
154  Rimar Chartering Corporation  12-20153   33,891 
155  Rosalyn Tanker Corporation  12-20154   275,589 
156  Rosemar Limited  12-20155   131,422 
157  Rubymar Limited  12-20156   14,785 
158  Sakura Transport Corp.  12-20157   396,144 
159  Samar Product Tanker Corporation  12-20158   217,354 
160  Santorini Tanker LLC  12-20159   946,926 
161  Serifos Tanker Corporation  12-20160   1,189,198 
162  Seventh Aframax Tanker Corporation  12-20161   281,638 
163  Shirley Tanker SRL  12-20162   200,274 
164  Sifnos Tanker Corporation  12-20163   381,860 
165  Silvermar Limited  12-20164   196,417 
166  Sixth Aframax Tanker Corporation  12-20165   194,893 
167  Skopelos Product Tanker Corporation  12-20166   949,054 
168  Star Chartering Corporation  12-20167   463,442 
169  Suezmax International Agencies, Inc.  12-20168   502,595 
170  Talara Chartering Corporation  12-20169   7,326 
171  Third United Shipping Corporation  12-20170   13,572 
172  Tokyo Transport Corp.  12-20171   378,821 
173  Transbulk Carriers, Inc.  12-20172   65 
174  Troy Chartering Corporation  12-20173   13,050 
175  Troy Product Corporation  12-20174   15,119 

  

 

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. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 14 of 169
 

 

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 October 1, 2013 through October 31, 2013

 

176  Urban Tanker Corporation  12-20175   429,592 
177  Vega Tanker Corporation  12-20176   935 
178  View Tanker Corporation  12-20177   409,632 
179  Vivian Tankships Corporation  12-20178   4,597 
180  Vulpecula Chartering Corporation  12-20179   10,914 
181  Wind Aframax Tanker Corporation  12-20180   7 
            
      Total Disbursements  $69,830,913 

 

 

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. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 15 of 169
 

 

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 October 1, 2013 through October 31, 2013

  

   Amounts Paid this Period   Cumulative Amount Paid Since Petition Date 
Professional  Fees   Expenses   Total   Fees   Expenses   Total 
Akin Gump Straus Hauer & Feld LLP  $217,389   $15,732   $233,121   $4,141,524   $150,782   $4,292,306 
Bowman Gilfillan, Inc.   -    -    -    50,499    17,446    67,945 
Burke & Parsons   94,515    3,963    98,478    325,794    7,393    333,188 
Chilmark Partners, LLC   160,000    27,458    187,458    880,000    111,289    991,289 
Cleary Gottlieb Steen & Hamilton LLP   760,381    34,634    795,015    14,089,078    466,398    14,555,476 
Deloitte & Touche LLP   569,109    16,163    585,272    569,109    16,163    585,272 
Deloitte Tax LLP   319,255    1,054    320,309    2,749,479    7,601    2,757,080 
Eversheds LLP   23,241    1,373    24,614    121,235    1,588    122,823 
FTI Consulting, Inc.   225,182    298    225,481    2,461,810    5,245    2,467,055 
Houlihan Lokey Capital, Inc.   -    -    -    1,055,833    22,575    1,078,409 
Kurtzman Carson Consultants LLC   -    -    -    -    -    - 
Mercer (US) Inc.   -    -    -    138,490    39,400    177,891 
Morris, Nichols, Arsht & Tunnell LLP   62,475    1,384    63,858    630,197    26,540    656,738 
Mullin Hoard & Brown LLP   154,014    4,296    158,310    749,463    49,831    799,294 
Pepper Hamilton LLP   8,678    300    8,977    169,519    8,538    178,057 
Pricewaterhouse Coopers LLP   -    -    -    1,911,765    26,564    1,938,329 
Venable LLP   -    -    -    -    -    - 
Total Professional Fees and Expenses  $2,594,239   $106,655   $2,700,894   $30,043,797   $957,355   $31,001,152 

 

 

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
October 1, 2013 through October 31, 2013

Page 16 of 169
 

 

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 October 1, 2013 through October 31, 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 & Touche LLP   Debtors' Accounting Advisor
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
Venable LLP   Debtors' Special Litigation Counsel

 

 

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
October 1, 2013 through October 31, 2013

Page 17 of 169
 

 

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 October 1, 2013 through October 31, 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
Overseas Shipholding Group, Inc.   DnB NOR Bank ASA   XXXX6002   10/3/2013

 

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
October 1, 2013 through October 31, 2013

Page 18 of 169
 

 

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 October 1, 2013 through October 31, 2013, and

November 14, 2012 through October 31, 2013

(in thousands of dollars)

 

   October 1, 2013 
through 
October 31, 2013
   November 14, 2012 
through 
October 31, 2013
 
         
Shipping Revenues:          
           
Pool revenues  $9,699   $176,068 
Time and bareboat charter revenues   34,572    349,419 
Voyage charter revenues   44,451    443,280 
    88,722    968,767 
Operating Expenses:          
Voyage expenses   27,800    236,436 
Vessel expenses   21,766    255,741 
Charter hire expenses   14,998    220,868 
Depreciation and amortization   14,695    171,212 
General and administrative   7,951    88,821 
(Gain)/loss on disposal of vessels, including impairments   82    278,350 
Total Operating Expenses   87,292    1,251,428 
Income/(Loss) from Vessel Operations   1,430    (282,661)
Equity in Income/(Loss) of Affiliated Companies   2,480    40,003 
Operating Income/(Loss)   3,910    (242,658)
Other Income/(expense)   314    1,013 
Income/(loss) before Interest Expense and Income Taxes   4,224    (241,645)
Interest Expense   -    (187)
Income/(loss) before Reorganization Items and Income Taxes   4,224    (241,832)
Reorganization Items, net   5,910    283,850 
Loss before Income Taxes   (1,686)   (525,682)
Income Tax (Benefit)/Provision   162    (8,417)
Net Loss  $(1,848)  $(517,265)

 

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

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 19 of 169
 

 

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 October 1, 2013 through October 31, 2013, and

November 14, 2012 through October 31, 2013

(in thousands of dollars)

 

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.In October 2012, at the request and under the direction of the audit committee of the board of directors of the Company (the “Audit Committee”), the Company, with the assistance of counsel, commenced an inquiry into the Company’s provision for United States (“U.S.”) federal income taxes in light of certain provisions contained in the Company’s unsecured revolving credit facility scheduled to mature on February 8, 2013 and certain predecessor credit facilities (the “Credit Facilities”). In connection with the inquiry process, on October 19, 2012, the Audit Committee, 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 each of the quarters ended March 31, 2012 and June 30, 2012, should no longer be relied upon. Upon completion of the inquiry in June 2013, it was determined that there were errors in the Company’s previously issued financial statements for each of the years in the twelve year period ended December 31, 2011 (including the interim periods within those years), and for each of the calendar quarters ended March 31, 2012 and June 30, 2012, and such financial statements should be restated.

 

For purposes of its financial statements as of December 31, 2012, the Company has recorded reserves related to the tax effects of the cumulative potential deemed dividends (1) in connection with the Credit Facilities based on a deemed repatriation of $1,194,150 of foreign earnings and (2) related to intercompany balances resulting in the inclusion of $77,000 of foreign earnings in taxable income. The potential deemed repatriation amount of $1,194,150, takes into account certain defenses available to the Company that the Company believes are more- likely-than-not to be successful. The Company also has recorded a deferred tax liability of $103,388 for the tax effects of unremitted earnings of foreign subsidiaries, which reflects amounts that may be included in taxable income as deemed dividends for taxable year 2013 and future years.

 

3.Pool revenue and voyage expense presentation—For the Company’s vessels operating in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent (“TCE”) basis in accordance with an agreed-upon formula. Such TCE revenues are reported as pool revenues in the accompanying condensed consolidated statement of operations. For the pools in which the Company participates, management monitors, among other things, the relative proportion of the Company’s vessels operating in each of the pools to the total number of vessels in each of the respective pools, and assesses whether or not OSG’s participation interest in each of the pools is sufficiently significant so as to determine that OSG has effective control of the pool. Management determined that as of June 30, 2013, it had effective control of one of the pools in which the Company participates. Such pool is not a legal entity, but operates under a contractual arrangement. Pool revenue amounts previously reported on a net TCE basis in July and August 2013 were reversed in September 2013 and the cumulative effect

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 20 of 169
 

 

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 (continued)

For the Periods October 1, 2013 through October 31, 2013, and

November 14, 2012 through October 31, 2013

(in thousands of dollars) 

 

of reporting the Company’s allocated TCE revenues for such pool on a gross basis as voyage charter revenues and voyage expenses for the three months ended September 30, 2013 was recorded in September 2013.

 

4.Reorganization Items consists of the following:

 

 

   October 1, 2013   November 14, 2012 
   through   through 
   October 31, 2013   October 31, 2013 
Professional fees, including Trustee Fees of $51 and $3,203  $5,910   $63,930 
Expenses incurred on rejected executory contracts  $-   $219,920 
   $5,910   $283,850 

 

The books and records include estimations of potential claims that may be allowed with respect to vessels that had been chartered-in by the Debtors or with respect to nonresidential leases for commercial office space by the Debtors to the extent that such leases were rejected by the Debtors, and the Debtors ceased performing under the charters prior to October 31, 2013. These amounts are preliminary and may be subject to future adjustments depending on Court actions, further developments with respect to disputed claims, determination of the secured status of certain claims, the value of any collateral securing such claims, continued reconciliation or other events.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 21 of 169
 

 

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 October 31, 2013

(in thousands of dollars)

 

   November 13, 2012   October 31, 2013 
ASSETS          
Current Assets:          
Cash and cash equivalents  $477,973   $581,731 
Voyage receivables   171,753    129,882 
Other receivables   59,295    23,924 
Inventory   14,150    16,673 
Prepaid expenses and other current assets   46,636    28,286 
Total Current Assets   769,807    780,496 
Vessels and other property, less accumulated depreciation   3,135,823    2,748,948 
Deferred drydock expenditures, net   73,898    60,406 
Total Vessels, Deferred Drydock and Other Property   3,209,721    2,809,354 
Investments in Affiliated Companies   247,964    309,303 
Intangible Assets, less accumulated amortization   72,655    67,656 
Goodwill   9,589    9,589 
Other Assets   16,464    27,545 
Total Assets  $4,326,200   $4,003,943 
           
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $93,170   $425,861 
           
Total Current Liabilities   93,170    425,861 
           
Noncurrent Liabilities:          
Deferred Gain/(loss) on Sale and Leaseback of Vessels   5,457    - 
Deferred Taxes and Other Liabilities   758,736    384,276 
Liabilities Subject to Compromise   2,623,588    2,823,479 
Total Noncurrent Liabilities   3,387,781    3,207,755 
           
Total Liabilities   3,480,951    3,633,616 
Equity:          
Total Equity   845,249    370,327 
Total Liabilities and Equity  $4,326,200   $4,003,943 

 

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

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 22 of 169
 

 

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 October 31, 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.In October 2012, at the request and under the direction of the audit committee of the board of directors of the Company (the “Audit Committee”), the Company, with the assistance of counsel, commenced an inquiry into the Company’s provision for United States (“U.S.”) federal income taxes in light of certain provisions contained in the Company’s unsecured revolving credit facility scheduled to mature on February 8, 2013 and certain predecessor credit facilities (the “Credit Facilities”). In connection with the inquiry process, on October 19, 2012, the Audit Committee, 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 each of the quarters ended March 31, 2012 and June 30, 2012, should no longer be relied upon. Upon completion of the inquiry it was determined that there were errors in the Company’s previously issued financial statements for each of the years in the twelve year period ended December 31, 2011 (including the interim periods within those years), and for each of the calendar quarters ended March 31, 2012 and June 30, 2012, and such financial statements should be restated.

 

For purposes of its financial statements as of December 31, 2012, the Company has recorded reserves related to the tax effects of the cumulative potential deemed dividends (1) in connection with the Credit Facilities based on a deemed repatriation of $1,194,150 of foreign earnings and (2) related to intercompany balances resulting in the inclusion of $77,000 of foreign earnings in taxable income. The potential deemed repatriation amount of $1,194,150, takes into account certain defenses available to the Company that the Company believes are more- likely-than-not to be successful. The Company also has recorded a deferred tax liability of $103,388 for the tax effects of unremitted earnings of foreign subsidiaries, which reflects amounts that may be included in taxable income as deemed dividends for taxable year 2013 and future years.

 

The Company has also restated the consolidated balance sheet as of December 31, 2011 and the related consolidated statements of operations, comprehensive loss, changes in equity and cash flows for the year ended December 31, 2011 to reflect the correction of an error in the method used to estimate the credit valuation adjustments associated with the fair valuation of the interest rate swap derivative contracts of certain of the Company’s equity method investees. The credit risk valuation adjustments were incorrectly estimated without giving consideration to the credit enhancements that were contractually linked to the obligations under such contracts for the year ended December 31, 2011 and for the quarters ended March 31, 2012 and June 30, 2012. Such error overstated the investments in affiliated companies by $19,015 and retained earnings by $1,499 and understated net loss by $1,499 and accumulated other comprehensive loss by $17,516 as of and for the year ended December 31, 2011. The

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 23 of 169
 

 

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 October 31, 2013

(in thousands of dollars)

 

appropriate estimation of the credit risk valuation adjustments has been applied within the consolidated financial statements for the year ended December 31, 2012.

 

3.The liabilities reported in the Unaudited Condensed Consolidated Balance Sheets do not currently reflect a complete analysis regarding potential claims under the Bankruptcy Code, however, the balance sheet as of October 31, 2013 does include the Debtors’ estimates of potential claims that may be allowed with respect to vessels that had been chartered-in by the Debtors or with respect to nonresidential leases for commercial office space by the Debtors to the extent that such leases were rejected by the Debtors 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.

 

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 Adequate Protection Interest Payments are being characterized as payments on the prepetition principal amounts outstanding under the term loan agreements commencing with the monthly operating report for June 2013.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 24 of 169
 

  

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 October 31, 2013

(in thousands of dollars)

 

6.Liabilities Subject to Compromise consist of the following:

 

   November 13, 2012   October 31, 2013 
Pre-petition accounts payable, accrued expenses and other liabilities  $398   $3,827 
Senior Notes   500,780    500,780 
Unsecured revolver   1,488,579    1,488,579 
Accrued interest and fees on unsecured revolver and senior notes   10,878    10,878 
Secured debt and accrued interest   578,024    565,770 
Derivative liabilities   3,566    3,566 
Pension and other postretirement benefit plan liabilities   41,363    36,632 
Accrued liabilities relating to rejected executory contracts   0    213,447 
           
   $2,623,588   $2,823,479 

 

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. Subsequent to October 2013, management revised its estimates of provisions needed for seven rejected executory contracts with respect to vessels that had been chartered-in by the Debtors. The impact of such revisions, an increase in the accrued liability relating to rejected executory claims of approximately $9,835 (and an aggregate reduction of the liquidated amounts of such claims of $24,406), will be reflected in the Monthly Operating Report for the period November 1, 2013 through November 30, 2013.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 25 of 169
 

 

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 October 31, 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: December 13, 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
October 1, 2013 through October 31, 2013

Page 26 of 169
 

 

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

October 31, 2013

 

Days Past Due 
Current   1-30   31-60   61-90   >91   Total 
$9,928,000   $684,860   $222,871   $56,696   $535,440   $11,427,867 
 87%   6%   2%   0%   5%     

 

 

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
October 1, 2013 through October 31, 2013

Page 27 of 169
 

 

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

October 31, 2013

 

   Days Aged 1 
   0-30   31-60   61-90   91-120   120-180   > 180   Total 
Trade Receivables:                                   
Trade - Invoiced 2  $17,381,892   $4,005,338   $1,283,887   $1,206,333   $2,196,690   $5,485,586   $31,559,726 
Trade - Accrued and Unbilled3                                $21,105,692 
Trade - Pools4                                $78,907,735 
Allowance for Doubtful Receivables                                $(2,296,832)
Accounts Receivable  $17,381,892   $4,005,338   $1,283,887   $1,206,333   $2,196,690   $5,485,586   $129,276,321 
Percentage of Trade-Invoiced 5   55%   13%   4%   4%   7%   17%   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
October 1, 2013 through October 31, 2013

Page 28 of 169
 

 

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 October 1, 2013 through October 31, 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.       X
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.   X1    
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 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
October 1, 2013 through October 31, 2013

Page 29 of 169
 

 

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
October 1, 2013 through October 31, 2013

Page 30 of 169
 

 

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
October 1, 2013 through October 31, 2013

Page 31 of 169
 

 

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
October 1, 2013 through October 31, 2013

Page 32 of 169
 

 

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
October 1, 2013 through October 31, 2013

Page 33 of 169
 

 

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
October 1, 2013 through October 31, 2013

Page 34 of 169
 

 

Appendix B

Overseas Shipholding Group, Inc., et al.

Listing of Debtors' Bank Accounts and Book Balances as of October 31, 20131

(in USD)

 

Debtor  EIN  Bank  Currency  Account Number  USD Balance per Books as of
October 31, 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 
Maple Tanker Corporation  98-0595229  HSBC  USD  XXXX6753   1,000.00 
Oak Tanker Corporation  98-0595234  HSBC  USD  XXXX6761   1,000.00 
OSG America Operating Company LLC  45-0575493  Fifth Third Bank - Tampa  USD  XXXXXXX3987   202,968,250.72 
OSG Bulk Ships, Inc.  13-2632600  Fifth Third Bank - Tampa  USD  XXXXXXX4290   2,074,105.40 
OSG Bulk Ships, Inc.  13-2632600  JP Morgan Chase  USD  XXXX-XXXXX0-509   (802,224.71)
OSG Bulk Ships, Inc.  13-2632600  JP Morgan Chase  USD  XXX-X-XX7251   8,665,082.59 
OSG Financial Corp.  13-3178639  JP Morgan Chase  USD  XXX-X-XX3754   255,848.01 
OSG International, Inc.  98-0467117  HSBC  USD  XXXXX6923   3,359,452.16 
OSG International, Inc.  98-0467117  JP Morgan Chase  USD  XXX-X-XX5113   101,726,603.07 
OSG International, Inc.  98-0467117  JP Morgan Chase  USD  XXXXX7192   14,434,858.99 
OSG Lightering LLC  98-0380553  Bank of Oklahoma  USD  XXXXX9048   12,618,308.11 
OSG Lightering LLC  98-0380553  Bank of Texas - Houston  USD  XXXXXX9108   (39,287.40)
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   18,191.90 
OSG Ship Management, Inc.  13-3589004  JP Morgan Chase  USD  XXX-XX6624   998,836.28 
OSG Ship Management, Inc.  13-3589004  JP Morgan Chase  USD  XXX-XX5045   82,713.79 
Overseas Shipholding Group, Inc.  13-2637623  TD Bank, N.A.  USD  XXX-XXX6647   24,049,852.73 
Overseas Shipholding Group, Inc.  13-2637623  Morgan Stanley  USD  XXX-XXXXX1-852   - 
Overseas Shipholding Group, Inc.  13-2637623  BlackRock  USD  X4888   67,006,217.84 
Overseas Shipholding Group, Inc.  13-2637623  Fidelity  USD  XXXXXXX7175   73,722,086.71 
Overseas Shipholding Group, Inc.  13-2637623  JP Morgan Chase  USD  XXX-X-XX5014   2,065,563.11 
Overseas Shipholding Group, Inc.  13-2637623  JP Morgan Chase  USD  XXX6306   35,005,050.75 
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   - 
Serifos Tanker Corporation  98-0513004  JPMorgan Chase  USD  XXXXX0222   - 
Shirley Tanker SRL  98-0513551  Cidel Bank & Trust, Inc.  USD  XXXXXX-XXX4290   109.48 
Shirley Tanker SRL  98-0513551  Cidel Bank & Trust, Inc.  CAD  XXXXXX-XXX9190   - 
Shirley Tanker SRL  98-0513551  Cidel Bank & Trust, Inc.  CAD  XXXXXX-XXX6490   4,106.33 
Sifnos Tanker Corporation  98-0513006  JPMorgan Chase  USD  XXXXX0230   - 
            TOTAL  $548,233,727.16 

 

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 35 of 169
 

 

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
October 1, 2013 through October 31, 2013

Page 36 of 169
 

 

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 Adequate Protection Interest Payments are being characterized as payments on the prepetition principal amounts outstanding under the term loan agreements commencing with the monthly operating report for June 2013.

 

The average monthly crew costs for the international flag business were approximately $6.1 million per month for the nine months ended September 30, 2013. The average monthly base compensation and benefit costs for onshore personnel related to the international flag business and corporate office not associated with the international flag business are approximately $2.2 million and $0.2 million per month, respectively. 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.

 

Monthly Operating Report
October 1, 2013 through October 31, 2013

Page 37 of 169
 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013

 

   Overseas Shipholding Group, Inc.   OSG International, Inc. 
($000s)  October 1 - 31,
2013
   November 14, 2012
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $44   $(0)  $(23)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    44    (0)   (23)
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    1    (65)
Charter hire expenses   -    -    -    49 
Depreciation and amortization   -    -    -    - 
General and administrative   532    5,716    460    5,409 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    0 
Total Operating Expenses   532    5,716    461    5,393 
Income/(loss) from Vessel Operations   (532)   (5,671)   (462)   (5,416)
Equity in Income/(loss) of Affiliated Companies   -    215    526    7,450 
Operating Income/(loss)   (532)   (5,456)   64    2,034 
Other Income/(expense)   548    5,969    (1,423)   (17,135)
Income/(loss) before Interest Expense and Income Taxes   16    513    (1,359)   (15,101)
Interest Expense   -    0    -    0 
Income/(loss) before Reorganization Items and Income Taxes   16    513    (1,359)   (15,101)
Reorganization Items, net   5,846    66,335    -    - 
Income/(loss) before Income Taxes   (5,830)   (65,822)   (1,359)   (15,101)
Income Tax (Benefit)/Provision   90    (9,702)   6    114 
Net Income/(Loss)  $(5,920)  $(56,120)  $(1,365)  $(15,215)

  

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 38 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

 

   OSG Bulk Ships, Inc.   1372 Tanker Corporation 
($000s)  October 1 - 31,
 2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
 2013
   November 14, 2012
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $2   $3,404 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    1,775    6,673 
    -    -    1,778    10,078 
Operating Expenses:                    
Voyage expenses   -    -    1,331    4,712 
Vessel expenses   8    9    171    2,861 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    260    2,961 
General and administrative   3    158    -    0 
(Gain)/loss on disposal of vessels, including impairments   -    (4)   -    - 
Total Operating Expenses   11    163    1,762    10,534 
Income/(loss) from Vessel Operations   (11)   (163)   16    (456)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (11)   (163)   16    (456)
Other Income/(expense)   64    (2,074)   (1)   (8)
Income/(loss) before Interest Expense and Income Taxes   53    (2,236)   15    (464)
Interest Expense   -    0    -    (12)
Income/(loss) before Reorganization Items and Income Taxes   53    (2,236)   15    (476)
Reorganization Items, net   -    -    -    31 
Income/(loss) before Income Taxes   53    (2,236)   15    (508)
Income Tax (Benefit)/Provision   0    1,020    -    - 
Net Income/(Loss)  $53   $(3,257)  $15   $(508)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 39 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

  

   Africa Tanker Corporation   Alcesmar Limited 
($000s)  October 1 - 31, 
2013
   November 14, 2012
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $351   $4,876 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    4 
    -    -    351    4,880 
Operating Expenses:                    
Voyage expenses   -    -    -    7 
Vessel expenses   6    68    197    2,153 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    111    1,417 
General and administrative   5    93    -    0 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    18,737 
Total Operating Expenses   11    161    308    22,314 
Income/(loss) from Vessel Operations   (11)   (161)   43    (17,434)
Equity in Income/(loss) of Affiliated Companies   1,954    28,595    -    - 
Operating Income/(loss)   1,943    28,434    43    (17,434)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   1,943    28,434    43    (17,434)
Interest Expense   -    -    -    (5)
Income/(loss) before Reorganization Items and Income Taxes   1,943    28,434    43    (17,440)
Reorganization Items, net   -    -    -    31 
Income/(loss) before Income Taxes   1,943    28,434    43    (17,471)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $1,943   $28,434   $43   $(17,471)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 40 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

  

   Alcmar Limited   Alpha Suezmax Corporation 
($000s)  October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $350   $5,027   $(2)  $(163)
Time and bareboat charter revenues   -    0    -    1,276 
Voyage charter revenues   -    3    -    14 
    350    5,029    (2)   1,127 
Operating Expenses:                    
Voyage expenses   -    (28)   72    255 
Vessel expenses   288    2,256    42    385 
Charter hire expenses   -    -    -    1,580 
Depreciation and amortization   94    1,221    -    133 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    18,356    -    - 
Total Operating Expenses   382    21,805    114    2,352 
Income/(loss) from Vessel Operations   (32)   (16,775)   (116)   (1,225)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (32)   (16,775)   (116)   (1,225)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (32)   (16,775)   (116)   (1,225)
Interest Expense   -    (5)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (32)   (16,781)   (116)   (1,225)
Reorganization Items, net   -    31    -    14,507 
Income/(loss) before Income Taxes   (32)   (16,812)   (116)   (15,732)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(32)  $(16,812)  $(116)  $(15,732)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 41 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

  

   Alpha Tanker Corporation   Amalia Product Corporation 
($000s)  October 1 - 31,
2013
   November 14, 2012
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $(0)  $(2)  $483   $6,418 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    13 
    (0)   (2)   483    6,432 
Operating Expenses:                    
Voyage expenses   -    -    -    11 
Vessel expenses   -    -    160    2,145 
Charter hire expenses   -    131    -    - 
Depreciation and amortization   -    -    244    3,029 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    131    404    5,186 
Income/(loss) from Vessel Operations   (0)   (133)   80    1,246 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (0)   (133)   80    1,246 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (0)   (133)   80    1,246 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (0)   (133)   80    1,246 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (0)   (133)   80    1,246 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(0)  $(133)  $80   $1,246 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 42 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

 

   Ambermar Product Carrier Corporation   Ambermar Tanker Corporation 
($000s)  October 1 - 31,
2013
   November 14, 2012
- October 31, 2013
  

October 1 - 31,

 2013

   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   450    1,131    -    - 
Voyage charter revenues   (41)   8,360    -    - 
    409    9,491    -    - 
Operating Expenses:                    
Voyage expenses   8    3,865    -    (4)
Vessel expenses   185    2,356    -    1 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   78    1,056    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    15,735    -    - 
Total Operating Expenses   271    23,011    -    (3)
Income/(loss) from Vessel Operations   138    (13,520)   -    3 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   138    (13,520)   -    3 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   138    (13,520)   -    3 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   138    (13,520)   -    3 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   138    (13,520)   -    3 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $138   $(13,520)  $-   $3 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 43 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

  

   Andromar Limited   Antigmar Limited 
($000s)  October 1 - 31,
2013
   November 14, 2012
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $350   $5,041   $350   $5,020 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   (0)   (76)   -    51 
    350    4,965    350    5,071 
Operating Expenses:                    
Voyage expenses   (0)   2    -    73 
Vessel expenses   193    2,025    253    2,075 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   101    1,296    87    1,132 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    19,207    -    18,905 
Total Operating Expenses   294    22,530    339    22,186 
Income/(loss) from Vessel Operations   56    (17,565)   10    (17,115)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   56    (17,565)   10    (17,115)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   56    (17,565)   10    (17,115)
Interest Expense   -    (5)   -    (5)
Income/(loss) before Reorganization Items and Income Taxes   56    (17,570)   10    (17,120)
Reorganization Items, net   -    31    -    31 
Income/(loss) before Income Taxes   56    (17,601)   10    (17,151)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $56   $(17,601)  $10   $(17,151)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 44 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

  

   Aqua Tanker Corporation   Aquarius Tanker Corporation 
($000s)  October 1 - 31,
2013
   November 14, 2012
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $(0)  $(3)  $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    (0)   4,551 
    (0)   (3)   (0)   4,551 
Operating Expenses:                    
Voyage expenses   -    -    1    2,683 
Vessel expenses   -    -    -    15 
Charter hire expenses   -    (203)   -    1,918 
Depreciation and amortization   -    -    -    - 
General and administrative   -    3    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    (200)   1    4,616 
Income/(loss) from Vessel Operations   (0)   197    (1)   (65)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (0)   197    (1)   (65)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (0)   197    (1)   (65)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (0)   197    (1)   (65)
Reorganization Items, net   -    -    -    1,838 
Income/(loss) before Income Taxes   (0)   197    (1)   (1,903)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(0)  $197   $(1)  $(1,903)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 45 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

  

   Ariadmar Limited   Aspro Tanker Corporation 
($000s)  October 1 - 31, 
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012
 - October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $350   $4,847   $(0)  $(3)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    350    4,847    (0)   (3)
Operating Expenses:                    
Voyage expenses   -    (1)   -    - 
Vessel expenses   216    2,105    -    - 
Charter hire expenses   -    -    -    57 
Depreciation and amortization   103    1,335    -    - 
General and administrative   -    0    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    19,082    -    - 
Total Operating Expenses   319    22,521    -    57 
Income/(loss) from Vessel Operations   31    (17,674)   (0)   (60)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   31    (17,674)   (0)   (60)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   31    (17,674)   (0)   (60)
Interest Expense   -    (5)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   31    (17,679)   (0)   (60)
Reorganization Items, net   -    31    -    - 
Income/(loss) before Income Taxes   31    (17,710)   (0)   (60)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $31   $(17,710)  $(0)  $(60)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 46 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

  

   Atalmar Limited   Athens Product Tanker Corporation 
($000s)  October 1 - 31, 
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31, 
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   1,377    12,543    1,330    12,591 
    1,377    12,543    1,330    12,591 
Operating Expenses:                    
Voyage expenses   733    7,323    725    5,772 
Vessel expenses   210    1,964    161    1,803 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   98    1,266    136    1,547 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    18,960    -    - 
Total Operating Expenses   1,041    29,513    1,022    9,122 
Income/(loss) from Vessel Operations   336    (16,970)   308    3,469 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   336    (16,970)   308    3,469 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   336    (16,970)   308    3,469 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   336    (16,970)   308    3,469 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   336    (16,970)   308    3,469 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $336   $(16,970)  $308   $3,469 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 47 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

  

   Atlas Chartering Corporation   Aurora Shipping Corporation 
($000s)  October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $(40)  $3,407 
Time and bareboat charter revenues   -    -    558    1,538 
Voyage charter revenues   (9)   3,923    -    - 
    (9)   3,923    518    4,945 
Operating Expenses:                    
Voyage expenses   1    2,052    22    194 
Vessel expenses   3    9    250    4,565 
Charter hire expenses   -    1,982    -    - 
Depreciation and amortization   -    -    243    2,726 
General and administrative   -    -    -    0 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   3    4,044    515    7,484 
Income/(loss) from Vessel Operations   (13)   (120)   3    (2,539)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (13)   (120)   3    (2,539)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (13)   (120)   3    (2,539)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (13)   (120)   3    (2,539)
Reorganization Items, net   -    2,422    -    - 
Income/(loss) before Income Taxes   (13)   (2,543)   3    (2,539)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(13)  $(2,543)  $3   $(2,539)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 48 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

  

   Avila Tanker Corporation   Batangas Tanker Corporation 
($000s)  October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31, 
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $(0)  $(3)  $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    1,754    5,175 
    (0)   (3)   1,754    5,175 
Operating Expenses:                    
Voyage expenses   -    -    1,237    3,675 
Vessel expenses   -    -    256    790 
Charter hire expenses   -    (81)   -    - 
Depreciation and amortization   -    -    225    776 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    (81)   1,718    5,241 
Income/(loss) from Vessel Operations   (0)   78    36    (66)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (0)   78    36    (66)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (0)   78    36    (66)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (0)   78    36    (66)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (0)   78    36    (66)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(0)  $78   $36   $(66)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 49 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

  

   Beta Aframax Corporation   Brooklyn Product Tanker Corporation 
($000s)  October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $(1)  $(2)  $-   $- 
Time and bareboat charter revenues   -    1,708    -    - 
Voyage charter revenues   -    -    -    22 
    (1)   1,706    -    22 
Operating Expenses:                    
Voyage expenses   -    -    0    (69)
Vessel expenses   16    575    4    77 
Charter hire expenses   -    1,714    -    - 
Depreciation and amortization   -    26    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    (20)
Total Operating Expenses   16    2,314    5    (11)
Income/(loss) from Vessel Operations   (16)   (608)   (5)   33 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (16)   (608)   (5)   33 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (16)   (608)   (5)   33 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (16)   (608)   (5)   33 
Reorganization Items, net   -    25,346    -    - 
Income/(loss) before Income Taxes   (16)   (25,954)   (5)   33 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(16)  $(25,954)  $(5)  $33 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 50 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

 

   Cabo Hellas Limited   Cabo Sounion Limited 
($000s)  October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   281    4,178    377    4,062 
Voyage charter revenues   -    11    -    14 
    281    4,189    377    4,075 
Operating Expenses:                    
Voyage expenses   8    119    11    110 
Vessel expenses   209    2,173    197    2,580 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   196    2,230    210    2,362 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   413    4,522    418    5,052 
Income/(loss) from Vessel Operations   (132)   (333)   (41)   (977)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (132)   (333)   (41)   (977)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (132)   (333)   (41)   (977)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (132)   (333)   (41)   (977)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   (132)   (333)   (41)   (977)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(132)  $(333)  $(41)  $(977)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 51 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

 

   Caribbean Tanker Corporation   Carina Tanker Corporation 
($000s)  October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(4)  $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   855    10,014    -    4,852 
    855    10,010    -    4,852 
Operating Expenses:                    
Voyage expenses   368    5,131    30    2,106 
Vessel expenses   262    4,000    -    14 
Charter hire expenses   -    -    -    2,146 
Depreciation and amortization   50    943    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    17,385    -    - 
Total Operating Expenses   680    27,459    30    4,266 
Income/(loss) from Vessel Operations   175    (17,449)   (30)   586 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   175    (17,449)   (30)   586 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   175    (17,449)   (30)   586 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   175    (17,449)   (30)   586 
Reorganization Items, net   -    -    -    3,197 
Income/(loss) before Income Taxes   175    (17,449)   (30)   (2,612)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $175   $(17,449)  $(30)  $(2,612)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 52 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

 

   Carl Product Corporation   Concept Tanker Corporation 
($000s)  October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(28)  $369   $5,004 
Time and bareboat charter revenues   415    4,441    -    - 
Voyage charter revenues   -    10    -    (4)
    415    4,422    369    5,000 
Operating Expenses:                    
Voyage expenses   13    (270)   -    - 
Vessel expenses   200    1,963    4    49 
Charter hire expenses   -    -    403    4,912 
Depreciation and amortization   246    3,055    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   459    4,747    407    4,961 
Income/(loss) from Vessel Operations   (44)   (325)   (38)   39 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (44)   (325)   (38)   39 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (44)   (325)   (38)   39 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (44)   (325)   (38)   39 
Reorganization Items, net   -    -    -    2,194 
Income/(loss) before Income Taxes   (44)   (325)   (38)   (2,155)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(44)  $(325)  $(38)  $(2,155)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 53 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

 

   Crown Tanker Corporation   Delphina Tanker Corporation 
($000s)  October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
 2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $39   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    39    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    39    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    39    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    39    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    39    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    39    -    - 
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $39   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 54 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

 

   Delta Aframax Corporation   DHT Ania Aframax Corp. 
($000s)  October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $(0)  $(62)  $(0)  $(4)
Time and bareboat charter revenues   421    4,776    -    - 
Voyage charter revenues   -    -    -    - 
    421    4,713    (0)   (4)
Operating Expenses:                    
Voyage expenses   3    41    -    - 
Vessel expenses   270    2,808    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   204    2,311    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   476    5,161    -    - 
Income/(loss) from Vessel Operations   (55)   (447)   (0)   (4)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (55)   (447)   (0)   (4)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (55)   (447)   (0)   (4)
Interest Expense   -    (19)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (55)   (466)   (0)   (4)
Reorganization Items, net   12    141    -    - 
Income/(loss) before Income Taxes   (67)   (607)   (0)   (4)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $(67)  $(607)  $(0)  $(4)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 55 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

 

   DHT Ann VLCC Corp.   DHT Cathy Aframax Corp. 
($000s)  October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $574   $0   $214 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    574    0    214 
Operating Expenses:                    
Voyage expenses   -    101    -    24 
Vessel expenses   -    3    -    11 
Charter hire expenses   -    1,412    -    964 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    1,516    -    999 
Income/(loss) from Vessel Operations   -    (942)   0    (784)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (942)   0    (784)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (942)   0    (784)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (942)   0    (784)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    (942)   0    (784)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(942)  $0   $(784)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 56 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

 

   DHT Chris VLCC Corp.   DHT Rebecca Aframax Corp. 
($000s)  October 1 - 31,
 2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $36   $(0)  $(5)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    36    (0)   (5)
Operating Expenses:                    
Voyage expenses   -    (0)   -    - 
Vessel expenses   -    (5)   -    (0)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    (5)   -    (0)
Income/(loss) from Vessel Operations   -    42    (0)   (4)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    42    (0)   (4)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    42    (0)   (4)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    42    (0)   (4)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    42    (0)   (4)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $42   $(0)  $(4)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 57 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

 

   DHT Regal Unity VLCC Corp.   DHT Sophie Aframax Corp. 
($000s)  October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(25)  $(1)  $(74)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    (25)   (1)   (74)
Operating Expenses:                    
Voyage expenses   -    -    -    (3)
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -    - 
Total Operating Expenses   -    -    -    (3)
Income/(loss) from Vessel Operations   -    (25)   (1)   (71)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (25)   (1)   (71)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (25)   (1)   (71)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (25)   (1)   (71)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes   -    (25)   (1)   (71)
Income Tax (Benefit)/Provision   -    -    -    - 
Net Income/(Loss)  $-   $(25)  $(1)  $(71)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 58 of 169
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from October 1 - 31, 2013 and November 14, 2012 through October 31, 2013
 

 

   Dignity Chartering Corporation   Edindun Shipping Corporation 
($000s)  October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
   October 1 - 31,
2013
   November 14, 2012 
- October 31, 2013
 
                 
Shipping Revenues:                    
                     
Pool revenues  $(2)  $307   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    (14)   -    - 
    (2)   293    -    - 
Operating Expenses:                    
Voyage expenses   26    17    -    - 
Vessel expenses   (1)   391    -    - 
Charter hire expenses   -    1,052    -    - 
Depreciation and amortization   -    68    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels, including impairments   -    -    -