0001493152-22-030345.txt : 20221103 0001493152-22-030345.hdr.sgml : 20221103 20221103161532 ACCESSION NUMBER: 0001493152-22-030345 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20221103 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221103 DATE AS OF CHANGE: 20221103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OVERSEAS SHIPHOLDING GROUP INC CENTRAL INDEX KEY: 0000075208 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 132637623 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06479 FILM NUMBER: 221358203 BUSINESS ADDRESS: STREET 1: TWO HARBOUR PLACE STREET 2: 302 KNIGHTS RUN AVENUE, SUITE 1200 CITY: TAMPA STATE: FL ZIP: 33602 BUSINESS PHONE: 8132090600 MAIL ADDRESS: STREET 1: TWO HARBOUR PLACE STREET 2: 302 KNIGHTS RUN AVENUE, SUITE 1200 CITY: TAMPA STATE: FL ZIP: 33602 8-K 1 form8-k.htm
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United States

Securities and Exchange Commission

Washington, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

November 3, 2022

Date of Report (Date of earliest event reported)

 

Overseas Shipholding Group, Inc.

(Exact Name of Registrant as Specified in Charter)

 

Delaware   001-06479   13-2637623

(State of

Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

Two Harbor Place

302 Knights Run Avenue, Suite 1200

Tampa, Florida 33602

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code (813) 209-0600

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

  ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Class A Common Stock (par value $0.01 per share)   OSG   NYSE

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

OVERSEAS SHIPHOLDING GROUP, INC.

 

FORM 8-K

CURRENT REPORT

 

Section 2 – Financial Information

 

Item 2.02 Results of Operations and Financial Condition.

 

The following information, including the Exhibit to this Form 8-K, is being furnished pursuant to Item 2.02 of Form 8-K – Results of Operations and Financial Condition. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act of 1933 registration statements.

 

On November 3, 2022, Overseas Shipholding Group, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing third quarter 2022 earnings.

 

Section 9 - Financial Statements and Exhibits.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Pursuant to General Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form 8-K.

 

Exhibit No.   Description
99.1   Press Release dated November 3, 2022.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  OVERSEAS SHIPHOLDING GROUP, INC.
  (Registrant)
     
Date: November 3, 2022 By /s/ Richard Trueblood
  Name: Richard Trueblood
  Title: Vice President and Chief Financial Officer

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release dated November 3, 2022.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 EX-99.1 2 ex99-1.htm

 

Exhibit 99.1

 

 

OVERSEAS SHIPHOLDING GROUP REPORTS

THIRD QUARTER 2022 RESULTS

 

Tampa, FL – November 3, 2022 – Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the third quarter 2022.

 

  ● Shipping revenues for the third quarter of 2022 were $123.1 million, an increase of $5.1 million, or 4.3%, from the second quarter of 2022. Compared to the third quarter of 2021, shipping revenues increased 31.0% from $94.0 million.
     
  ● Net income for the third quarter of 2022 was $13.2 million, or $0.15 per diluted share, compared with net income of $3.7 million, or $0.04 per diluted share, in the second quarter of 2022. Net loss was $16.0 million, or $(0.18) per diluted share, for the third quarter of 2021.
     
  ● Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the third quarter of 2022 were $115.1 million, an increase of $11.8 million, or 11.4%, from the second quarter of 2022. TCE revenues were up 52.7% compared to the third quarter of 2021.
     
  ● Third quarter 2022 Adjusted EBITDA(B), a non-GAAP measure, was $42.3 million, an increase of $10.8 million, or 34.4%, from the second quarter of 2022. Adjusted EBITDA increased 247.6% from $12.2 million in the third quarter of 2021.
     
  ● Total cash(C) was $73.7 million as of September 30, 2022.
     
  ● During the quarter, the Company used cash on hand to purchase a $15.0 million U.S. Treasury Note for $14.8 million with a maturity date of August 15, 2024. The U.S. Treasury Note is classified as investment in security to be held to maturity on the condensed consolidated balance sheets.

 

Sam Norton, President and CEO, offered the following comments on the quarterly results announced today: “Financial results achieved during the past quarter provide a welcome affirmation of our long-held belief in the viability of OSG’s business strategy, exceeding our expectations and signaling continued strength through the balance of the year and into 2023. Our niche businesses in particular delivered stellar results for the quarter, adding meaningfully to the continuing rebound seen in the time charter equivalent returns of our conventional tankers and ATBs. Adjusted EBITDA of $42.3 million generated $14 million of free cashflow for the period, clearly the best performance on that measure in many years.”

 

Mr. Norton added, “As previously announced, redelivery in December of three conventional tankers will reduce the number of vessels leased from American Shipping Company, releasing OSG from annual fixed payment obligations of approximately $27 million during 2023 and beyond. The effective deleveraging achieved through the decision not to extend options on these three vessels should, when taken together with positive free cash flow performance expected in the quarters ahead, provide OSG with enhanced flexibility to address existing and anticipated business opportunities.”

 

         

A, B, C Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release starting on Page 8.

 

 

 

 

Third Quarter 2022 Results

 

Shipping revenues were $123.6 million for the third quarter of 2022, an increase of $5.1 million, or 4.3%, from the second quarter of 2022. TCE revenues increased $11.8 million, or 11.4%, from the second quarter of 2022 to $115.1 million in the third quarter of 2022. The increases were primarily a result of (a) an 82-day decrease in layup days, as our two remaining vessels in layup returned to service in May 2022, (b) an increase in average daily rates earned by our fleet and (c) a 10-day decrease in repair days. The increases were partially offset by (a) a 13-day increase in scheduled drydocking, (b) a decrease in Delaware Bay lightering volumes and (c) the timing of Government of Israel voyages.

 

Third quarter 2022 operating income was $22.4 million compared to the second quarter 2022 operating income of $12.6 million.

 

Quarterly adjusted EBITDA increased to $42.3 million during the third quarter of 2022, a $10.8 million increase from the second quarter of 2022. The increase was driven by the increased revenues for the quarter.

 

In comparison to the third quarter of 2021, shipping revenues were up 31.0% and TCE revenues increased $39.7 million or 52.7%. The increases primarily resulted from a 599-day decrease in layup days as we had no vessels in layup. During the third quarter of 2021, we had seven vessels in layup for most of the quarter with two of seven vessels coming out of layup in September 2021. Additionally, the increase in TCE revenues resulted from an increase in average daily rates earned by our fleet and an increase in Delaware Bay lightering volumes. The increase was partially offset by a 54-day increase in scheduled drydocking.

 

Operating income for the third quarter of 2022 was $22.4 million compared to an operating loss of $5.6 million for the third quarter of 2021. Net income for the third quarter of 2022 was $13.2 million, or $0.15 per diluted share, compared with a net loss of $16.0 million, or $(0.18) per diluted share, for the third quarter of 2021.

 

Adjusted EBITDA was $42.3 million for the 2022 third quarter, an increase of $30.1 million compared with the third quarter of 2021, driven primarily by the increase in TCE revenues.

 

Conference Call

 

The Company will host a conference call to discuss its third quarter 2022 results at 9:30 a.m. Eastern Time (“ET”) on Friday, November 4, 2022.

 

To access the call, participants should dial (844) 200-6205 for domestic callers and (929) 526-1599 for international callers and enter Access Code 947417. Please dial in ten minutes prior to the start of the call.

 

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at www.osg.com.

 

An audio replay of the conference call will be available for one week starting at 11:30 a.m. ET on Friday, November 4, 2022, by dialing (866) 813-9403 for domestic callers and (929) 458-6194 for international callers and entering Access Code 291009.

 

About Overseas Shipholding Group, Inc.

 

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 23 vessel U.S. Flag fleet consists of three Suezmax crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, and one tanker in cold layup. In addition, OSG also owns and operates one Marshall Islands flagged MR tanker which trades internationally.

 

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.

 

2

 

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, the Company may make or approve certain forward-looking statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical fact should be considered forward-looking statements. These matters or statements may relate to our prospects, supply and demand for vessels in the markets in which we operate and the impact on market rates and vessel earnings, the continued stability of our niche businesses, the impact of our time charter contracts on our future financial performance, and external events including geopolitical conflicts such as the Russian/Ukraine conflict. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. COVID-19 has had, and will continue to have, a profound impact on our workforce and many other aspects of our business and industry. Investors should carefully consider the risk factors outlined in more detail in our filings with the SEC. We do not assume any obligation to update or revise any forward-looking statements except as may be required by applicable law. Forward-looking statements and written and oral forward-looking statements attributable to us or our representatives after the date of this press release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by us with the SEC.

 

Investor Relations & Media Contact:

 

Susan Allan, Overseas Shipholding Group, Inc.

(813) 209-0620

sallan@osg.com

 

3

 

 

Consolidated Statements of Operations

($ in thousands, except per share amounts)

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2022   2021   2022   2021 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Shipping Revenues:                    
                     
Time and bareboat charter revenues  $92,730   $64,535   $232,934   $191,130 
Voyage charter revenues   30,329    29,432    112,108    72,469 
    123,059    93,967    345,042    263,599 
                     
Operating Expenses:                    
Voyage expenses   7,997    18,602    32,813    51,030 
Vessel expenses   45,430    36,006    130,380    101,815 
Charter hire expenses   22,743    22,806    67,089    67,719 
Depreciation and amortization   17,902    15,526    51,058    45,913 
General and administrative   6,556    5,707    20,929    18,076 
Loss on disposal of vessels and other property, including impairments, net   —    960    —    6,257 
Total operating expenses   100,628    99,607    302,269    290,810 
Operating income/(loss)   22,431    (5,640)   42,773    (27,211)
Loss on extinguishment of debt, net   —    (7,961)   —    (7,961)
Other income, net   568    129    649    140 
Income/(loss) before interest expense and income taxes   22,999    (13,472)   43,422    (35,032)
Interest expense   (8,229)   (7,052)   (24,869)   (20,739)
Income/(loss) before income taxes   14,770    (20,524)   18,553    (55,771)
Income tax (expense)/benefit   (1,522)   4,515    (2,074)   13,195 
Net income/(loss)  $13,248   $(16,009)  $16,479   $(42,576)
                     
Weighted Average Number of Common Shares Outstanding:                    
Basic - Class A   88,174,640    90,808,080    87,579,624    90,513,150 
Diluted - Class A   90,349,567    90,808,080    89,211,983    90,513,150 
Per Share Amounts:                    
Basic net income/(loss) - Class A  $0.15   $(0.18)  $0.19   $(0.47)
Diluted net income/(loss) - Class A  $0.15   $(0.18)  $0.18   $(0.47)

 

4

 

 

Consolidated Balance Sheets

($ in thousands)

 

   September 30, 2022   December 31, 2021 
   (unaudited)     
ASSETS          
Current Assets:          
Cash and cash equivalents  $73,682   $83,253 
Voyage receivables, including unbilled of $6,185 and $3,777, net of reserve for doubtful accounts   22,338    14,586 
Income tax receivable   1,886    1,882 
Other receivables   10,325    5,816 
Inventories, prepaid expenses and other current assets   4,506    3,438 
Total Current Assets   112,737    108,975 
Vessels and other property, less accumulated depreciation   734,204    761,777 
Deferred drydock expenditures, net   42,135    43,342 
Total Vessels, Other Property and Deferred Drydock   776,339    805,119 
Intangible assets, less accumulated amortization   19,167    22,617 
Operating lease right-of-use assets, net   94,425    152,027 
Investment security to be held to maturity   14,803    — 
Other assets   25,339    26,991 
Total Assets  $1,042,810   $1,115,729 
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $46,342   $49,901 
Current portion of operating lease liabilities   80,809    100,010 
Current portion of finance lease liabilities   4,001    4,000 
Current installments of long-term debt   23,346    22,225 
Total Current Liabilities   154,498    176,136 
Reserve for uncertain tax positions   184    179 
Noncurrent operating lease liabilities   32,954    73,150 
Noncurrent finance lease liabilities   17,102    18,998 
Long-term debt   405,441    422,515 
Deferred income taxes, net   65,737    63,744 
Other liabilities   20,626    22,393 
Total Liabilities   696,542    777,115 
Equity:          
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 88,297,439 and 87,170,463 shares issued; 84,518,552 and 87,170,463 shares outstanding)   883    872 
Paid-in additional capital   597,117    594,386 
Accumulated deficit   (243,108)   (259,587)
Treasury stock, 3,778,887 shares, at cost   (11,026)   — 
    343,866    335,671 
Accumulated other comprehensive loss   2,402    2,943 
Total Equity   346,268    338,614 
Total Liabilities and Equity  $1,042,810   $1,115,729 

 

5

 

 

Consolidated Statements of Cash Flows

($ in thousands)

 

  

Nine Months Ended

September 30,

 
   2022   2021 
   (unaudited)   (unaudited) 
Cash Flows from Operating Activities:          
Net income/(loss)  $16,479   $(42,576)
Items included in net income not affecting cash flows:          
Depreciation and amortization   51,058    45,913 
Loss on disposal of vessels and other property, including impairments, net   —    6,257 
Amortization of debt discount and other deferred financing costs   840    1,822 
Compensation relating to restricted stock awards and stock option grants   3,237    1,989 
Deferred income tax expense/(benefit)   1,998    (13,193)
Interest on finance lease liabilities   1,228    1,362 
Non-cash operating lease expense   67,769    68,383 
Loss on extinguishment of debt, net   —    5,225 
Payments for drydocking   (13,896)   (14,883)
Operating lease liabilities   (69,368)   (69,297)
Changes in operating assets and liabilities, net   (18,166)   (11,430)
Net cash provided by/(used in) operating activities   41,179    (20,428)
Cash Flows from Investing Activities:          
Expenditures for vessels and vessel improvements   (4,519)   (5,827)
Purchase of investment security to be held to maturity   (14,794)   — 
Proceeds from disposals of vessels and other property   —    32,128 
Net cash (used in)/provided by investing activities   (19,313)   26,301 
Cash Flows from Financing Activities:          
Payments on debt   (16,530)   (28,919)
Tax withholding on share-based awards   (496)   (402)
Payments on principal portion of finance lease liabilities   (3,124)   (3,124)
Deferred financing costs paid for debt amendments   (261)   (2,429)
Purchases of treasury stock under the stock repurchase program   (11,026)   — 
Extinguishment of debt   —    (274,582)
Extinguishment of debt costs paid   —    (2,736)
Issuance of debt, net of issuance and deferred financing costs   —    321,552 
Net cash (used in)/provided by financing activities   (31,437)   9,360 
Net (decrease)/increase in cash, cash equivalents and restricted cash   (9,571)   15,233 
Cash, cash equivalents and restricted cash at beginning of year   83,253    69,819 
Cash, cash equivalents and restricted cash at end of year  $73,682   $85,052 

 

6

 

 

Spot and Fixed TCE Rates Achieved and Revenue Days

 

The following tables provide a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three and nine months ended September 30, 2022 and the comparable period of 2021. Revenue days in the quarter ended September 30, 2022 totaled 2,035 compared with 1,494 in the prior year quarter.

 

   2022   2021 
Three Months Ended September 30, 

Spot

Earnings

  

Fixed

Earnings

  

Spot

Earnings

  

Fixed

Earnings

 
Jones Act Handysize Product Carriers:                
Average rate  $38,296   $60,923   $37,527   $66,704 
Revenue days   55    1,086    219    449 
Non-Jones Act Handysize Product Carriers:                    
Average rate  $47,779   $38,911   $43,265   $9,083 
Revenue days   184    92    184    92 
ATBs:                    
Average rate  $41,117   $35,590   $—   $36,146 
Revenue days   85    99    —    182 
Lightering:                    
Average rate  $71,086   $46,906   $60,063   $— 
Revenue days   135    49    92    — 
Alaska (a):                    
Average rate  $—   $60,438   $—   $57,936 
Revenue days   —    250    —    276 

 

   2022   2021 
Nine Months Ended September 30, 

Spot

Earnings

  

Fixed

Earnings

  

Spot

Earnings

  

Fixed

Earnings

 
Jones Act Handysize Product Carriers:                    
Average rate  $53,710   $60,067   $32,380   $65,882 
Revenue days   585    2,574    548    1,380 
Non-Jones Act Handysize Product Carriers:                    
Average rate  $44,720   $29,632   $30,684   $9,478 
Revenue days   546    273    551    428 
ATBs:                    
Average rate  $41,048   $35,059   $—   $33,529 
Revenue days   85    458    —    544 
Lightering:                    
Average rate  $65,758   $46,906   $74,169   $— 
Revenue days   363    49    273    — 
Alaska (a):                    
Average rate  $—   $59,799   $—   $58,446 
Revenue days   —    785    —    742 

 

(a) Excludes one Alaska vessel currently in layup.

 

7

 

 

Fleet Information

 

As of September 30, 2022, OSG’s operating fleet consisted of 24 vessels, 12 of which were owned, with the remaining vessels chartered-in. Vessels chartered-in are on Bareboat Charters.

 

   Vessels Owned  

Vessels

Chartered-In

   Total at September 30, 2022 
Vessel Type  Number   Number   Total Vessels   Total dwt (3) 
Handysize Product Carriers (1)   5    11    16    760,493 
Crude Oil Tankers (2)   3    1    4    772,194 
Refined Product ATBs   2    —    2    54,182 
Lightering ATBs   2    —    2    91,112 
Total Operating Fleet   12    12    24    1,677,981 

 

  (1) Includes two owned shuttle tankers, 11 chartered-in tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, all of which are U.S. flagged, as well as one owned Marshall Island flagged non-Jones Act MR tanker trading in international markets.
     
  (2) Includes three crude oil tankers doing business in Alaska and one crude oil tanker bareboat chartered-in and in layup.
     
  (3) Total dwt is defined as aggregate deadweight tons for all vessels of that type.

 

Reconciliation to Non-GAAP Financial Information

 

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures provide investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

 

(A) Time Charter Equivalent (TCE) Revenues

 

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. TCE revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follows:

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
($ in thousands)  2022   2021   2022   2021 
Time charter equivalent revenues  $115,062   $75,365   $312,229   $212,569 
Add: Voyage expenses   7,997    18,602    32,813    51,030 
Shipping revenues  $123,059   $93,967   $345,042   $263,599 

 

8

 

 

Vessel Operating Contribution

 

Vessel operating contribution, a non-GAAP measure, is TCE revenues minus vessel expenses and charter hire expenses.

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
($ in thousands)  2022   2021   2022   2021 
Niche market activities  $28,194   $16,334   $63,720   $47,118 
Jones Act handysize tankers   6,994    (11,958)   16,154    (35,698)
ATBs   4,833    4,064    12,916    11,402 
Alaska crude oil tankers   6,868    8,113    21,970    20,213 
Vessel operating contribution   46,889    16,553    114,760    43,035 
Depreciation and amortization   17,902    15,526    51,058    45,913 
General and administrative   6,556    5,707    20,929    18,076 
Loss on disposal of vessels and other property, including impairments, net   —    960    —    6,257 
Operating income/(loss)  $22,431   $(5,640)  $42,773   $(27,211)

 

(B) EBITDA and Adjusted EBITDA

 

EBITDA represents net income/(loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted to exclude amortization classified in charter hire expenses, interest expense classified in charter hire expenses, loss/(gain) on disposal of vessels and other property, including impairments, net, non-cash stock based compensation expense and loss on repurchases and extinguishment of debt and the impact of other items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income/(loss) or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled measures used by other companies due to differences in methods of calculation. The following table reconciles net income/(loss) as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA.

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
($ in thousands)  2022   2021   2022   2021 
Net income/(loss)  $13,248   $(16,009)  $16,479   $(42,576)
Income tax expense/(benefit)   1,522    (4,515)   2,074    (13,195)
Interest expense   8,229    7,052    24,869    20,739 
Depreciation and amortization   17,902    15,526    51,058    45,913 
EBITDA   40,901    2,054    94,480    10,881 
Amortization classified in charter hire and vessel expenses   260    143    545    428 
Interest expense classified in charter hire expenses   308    338    935    1,024 
Non-cash stock based compensation expense   846    719    3,237    1,988 
Loss on disposal of vessels and other property, including impairments, net   —    960    —    6,257 
Loss on extinguishment of debt, net   —    7,961    —    7,961 
Adjusted EBITDA  $42,315   $12,175   $99,197   $28,539 

 

(C) Total Cash

 

($ in thousands) 

September 30,

2022

  

December 31,

2021

 
Cash and cash equivalents  $73,630   $83,172 
Restricted cash   52    81 
Total cash  $73,682   $83,253 

 

9

 

 

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Cover
Nov. 03, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 03, 2022
Entity File Number 001-06479
Entity Registrant Name Overseas Shipholding Group, Inc.
Entity Central Index Key 0000075208
Entity Tax Identification Number 13-2637623
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One Two Harbor Place
Entity Address, Address Line Two 302 Knights Run Avenue
Entity Address, Address Line Three Suite 1200
Entity Address, City or Town Tampa
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33602
City Area Code 813
Local Phone Number 209-0600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock (par value $0.01 per share)
Trading Symbol OSG
Security Exchange Name NYSE
Entity Emerging Growth Company false
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