0001493152-23-007061.txt : 20230309 0001493152-23-007061.hdr.sgml : 20230309 20230309073032 ACCESSION NUMBER: 0001493152-23-007061 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230309 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230309 DATE AS OF CHANGE: 20230309 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: 23718200 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

 

March 9, 2023

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 March 9, 2023, Overseas Shipholding Group, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing fourth quarter and full year 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 March 9, 2023.
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: March 9, 2023 By /s/ Richard Trueblood
  Name: Richard Trueblood
  Title: Vice President and Chief Financial Officer

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release dated March 9, 2023.
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

FOURTH QUARTER AND FULL YEAR 2022 RESULTS

 

Tampa, FL – March 9, 2023 – 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 fourth quarter and full year 2022.

 

●Shipping revenues for 2022 were $466.8 million, an increase of $107.7 million compared to 2021. Shipping revenues for the fourth quarter of 2022 were $121.8 million, an increase of $26.3 million compared to the fourth quarter of 2021.

 

●2022 net income was $26.6 million, or $0.29 per diluted share, compared to a net loss of $46.3 million, or $(0.51) per diluted share, in 2021. Net income for the fourth quarter of 2022 was $10.1 million, or $0.11 per diluted share, compared to a net loss of $3.7 million, or $(0.03) per diluted share, for the fourth quarter of 2021.

 

●Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the fourth quarter of 2022 were $114.1 million, an increase of $34.1 million, or 42.6%, from $80.0 million in the fourth quarter of 2021. Full year TCE revenues for 2022 were $426.3 million, a $133.7 million increase from 2021.

 

●Fourth quarter 2022 Adjusted EBITDA(B), a non-GAAP measure, was $43.6 million, an increase of $27.0 million, or 162.7%, from the fourth quarter of 2021. Full year Adjusted EBITDA for 2022 was $142.8 million, a $97.7 million increase from 2021.

 

●Total cash and investments(C) were $93.5 million as of December 31, 2022.

 

●In October 2022, the Company completed the share repurchase program initiated in June 2022. Subsequently, in November 2022, the Company repurchased five million shares of the Company’s common stock from Cyrus Capital, a major stockholder. Total available cash of $29.0 million was used for 10 million of shares repurchased.

 

●In December 2022, the Company redelivered three conventional Jones Act tankers leased from American Shipping Company. In addition, in December 2022, the Company exercised its option to extend the terms of six chartered-in vessels for an additional three years, with terms now ending in December 2026.

 

Sam Norton, President and CEO, offered the following comments on the quarterly and full year results announced today: “Operational and financial performance during the final quarter of 2022 exceeded our expectations and allowed OSG to deliver full year results for both time charter equivalent earnings and adjusted EBITDA well above the guidance provided in early November. Strong contributions during the quarter from our lightering and non-Jones Act assets were instrumental in achieving this performance. We are particularly gratified by the full year adjusted EBITDA figure, which at $142.8 million reflected an over 200% improvement over 2021 adjusted EBITDA; this while completing a heavy drydock schedule during the year and returning three MR tankers upon expiry of their leases in early December. Year-end cash balances, including investments in treasury securities, came in squarely within the guidance range provided in November at $93.5 million.”

 

Mr. Norton added, “Improving market conditions have resulted in OSG achieving more stability in its financial profile and greater visibility of forward cashflows to an extent not seen for many years. All Jones Act assets are fixed under time charters or contracts of affreightment for the balance of 2023, and nearly 80% of 2024 available days are also fully covered at attractive rates. The business environment for OSG has shifted away from the defensive posture that has characterized much of the past three years. We can now look forward to evaluating real opportunities to extend and expand the cash generating capabilities of our unique franchise while continuing to consider means to utilize surplus cashflow to reduce leverage and drive improving share price performance.”

 

 

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.

 

 

 

 

Full Year 2022 Results

 

Shipping revenues were $466.8 million for 2022, up 30.0% compared with 2021. TCE revenues for 2022 were $426.3 million, an increase of $133.7 million, or 45.7%, compared with 2021. The increases were primarily a result of a 1,953-day decrease in layup days, as we had fewer vessels in layup during 2022 compared to 2021. Additionally, the increase in revenues resulted from an increase in average daily rates earned by our fleet and seven Military Sealift Command voyages, which were longer international voyages, during 2022 compared to five such voyages during the same period in 2021. The increase was partially offset by (a) fewer vessels in our fleet, as we sold one MR tanker, the Overseas Gulf Coast, in June 2021 and returned three conventional tankers leased from American Shipping Company in early to mid-December 2022, (b) a 38-day increase in scheduled drydocking, and (c) a 15-day increase in repair days.

 

Operating income for 2022 was $63.2 million, compared to an operating loss of $29.1 million for 2021.

 

Net income for 2022 was $26.6 million, or $0.29 per diluted share, compared with net loss of $46.3 million, or $(0.51) per diluted share, for 2021.

 

Adjusted EBITDA was $142.8 million for 2022, an increase of $97.7 million compared with 2021.

 

Fourth Quarter 2022 Results

 

Shipping revenues were $121.8 million for the fourth quarter of 2022, an increase of $26.3 million, or 27.5%, compared to the fourth quarter of 2021. TCE revenues were $114.1 million for the fourth quarter of 2022, an increase of $34.1 million, or 42.6%, from the fourth quarter of 2021. The increases primarily resulted from a 430-day decrease in layup days, as we had no vessels in layup during the fourth quarter of 2022. During the fourth quarter of 2021, we had five vessels in layup for most of the quarter, with only one of five vessels coming out of layup during the quarter. Additionally, the increases resulted from (a) an increase in average daily rates earned by our fleet, (b) a 40-day decrease in drydock days, and (c) a 2-day decrease in repair days. The increases were partially offset by a decrease related to fewer vessels in our fleet, due to the return in early to mid-December 2022 of three conventional Jones Act tankers leased from American Shipping Company, only one of which was in layup during the fourth quarter of 2021.

 

Operating income for the fourth quarter of 2022 was $20.4 million compared to an operating loss of $1.9 million for the fourth quarter of 2021. Net income for the fourth quarter of 2022 was $10.1 million, or $0.11 per diluted share, compared with a net loss of $3.7 million, or $(0.03) per diluted share, for the fourth quarter of 2021.

 

Adjusted EBITDA was $43.6 million for the 2022 fourth quarter, an increase of $27.0 million compared with the fourth quarter of 2021, driven primarily by the increase in TCE revenues.

 

Conference Call

 

The Company will host a conference call to discuss its fourth quarter and full year 2022 results at 9:30 a.m. Eastern Time (“ET”) on Thursday, March 9, 2023.

 

To access the call, participants should dial (844) 200-6205 for domestic callers and (929) 526-1599 for international callers and enter Access Code 076865. 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 Thursday, March 9, 2023, by dialing (866) 813-9403 for domestic callers and (929) 458-6194 for international callers and entering Access Code 798578.

 

2
 

 

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 21 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, seven MR tankers, and three non-Jones Act MR tankers, which two of the three participate in the U.S. Maritime Security Program, and one tanker in cold layup.

 

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.

 

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 Russia/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

December 31,

  

Years Ended

 December 31,

 
   2022   2021   2022   2021 
Shipping Revenues:                    
                     
Time and bareboat charter revenues  $94,394   $63,615   $327,329   $254,744 
Voyage charter revenues   27,363    31,848    139,471    104,318 
    121,757    95,463    466,800    359,062 
                     
Operating Expenses:                    
Voyage expenses   7,659    15,437    40,472    66,467 
Vessel expenses   46,285    38,598    176,666    140,413 
Charter hire expenses   21,760    22,447    88,849    90,166 
Depreciation and amortization   19,579    15,910    70,637    61,823 
General and administrative   6,056    6,021    26,985    24,097 
Bad debt recovery   —    (1,080)   —    (1,080)
Loss on disposal of vessels and other property, including impairments, net   —    19    —    6,276 
Total operating expenses   101,339    97,352    403,609    388,162 
Operating income/(loss) from vessel operations   20,418    (1,889)   63,191    (29,100)
Loss on extinguishment of debt, net   —    (70)   —    (8,031)
Other income, net   2,678    1,845    3,327    1,985 
Income/(loss) before interest expense and income taxes   23,096    (114)   66,518    (35,146)
Interest expense, net   (8,191)   (8,464)   (33,060)   (29,203)
Income/(loss) before income taxes   14,905    (8,578)   33,458    (64,349)
Income tax (expense)/benefit   (4,820)   4,902    (6,894)   18,097 
Net income/(loss)  $10,085   $(3,676)  $26,564   $(46,252)
                     
Weighted Average Number of Common Shares Outstanding:                    
Basic - Class A   84,902,097    90,807,935    89,556,195    90,587,454 
Diluted - Class A   87,380,404    90,807,935    91,400,041    90,587,454 
Per Share Amounts:                    
     Basic net income/(loss) - Class A  $0.12   $(0.03)  $0.30   $(0.51)
     Diluted net income/(loss) - Class A  $0.11   $(0.03)  $0.29   $(0.51)

 

4
 

 

Consolidated Balance Sheets

($ in thousands)

 

  

December 31,

 2022

  

December 31,

2021

 
ASSETS          
Current Assets:          
Cash and cash equivalents  $78,732   $83,253 
Voyage receivables, including unbilled of $11,364 and $3,777, net of reserve for doubtful accounts   19,698    14,586 
Income tax receivable   1,914    1,882 
Other receivables   5,334    5,816 
Prepaid expenses   385    543 
Inventories and other current assets   2,283    2,895 
Total Current Assets   108,346    108,975 
Vessels and other property, less accumulated depreciation   726,179    761,777 
Deferred drydock expenditures, net   38,976    43,342 
Total Vessels, Other Property and Deferred Drydock   765,155    805,119 
Intangible assets, less accumulated amortization   18,017    22,617 
Operating lease right-of-use assets, net   206,797    152,027 
Investment security to be held to maturity   14,803    — 
Other assets   25,945    26,991 
Total Assets  $1,139,063   $1,115,729 
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $54,906   $49,901 
Current installments of long-term debt   23,733    22,225 
Current portion of operating lease liabilities   63,288    100,010 
Current portion of finance lease liabilities   4,000    4,000 
Total Current Liabilities   145,927    176,136 
Reserve for uncertain tax positions   175    179 
Long-term debt, net   399,630    422,515 
Deferred income taxes, net   70,233    63,744 
Noncurrent operating lease liabilities   149,960    73,150 
Noncurrent finance lease liabilities   16,456    18,998 
Other liabilities   16,997    22,393 
Total Liabilities   799,378    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; 78,297,439 and 87,170,463 shares outstanding)   883    872 
Paid-in additional capital   597,455    594,386 
Accumulated deficit   (233,023)   (259,587)
Treasury stock, 10,000,000 shares, at cost   (29,040)   — 
    336,275    335,671 
Accumulated other comprehensive income   3,410    2,943 
Total Equity   339,685    338,614 
Total Liabilities and Equity  $1,139,063   $1,115,729 

 

5
 

 

Consolidated Statements of Cash Flows

($ in thousands)

 

   Years Ended December 31, 
   2022   2021 
Cash Flows from Operating Activities:          
Net income/(loss)  $26,564   $(46,252)
Items included in net income not affecting cash flows:          
Depreciation and amortization   70,637    61,823 
Bad debt recovery   —    (1,080)
Amortization of debt discount and other deferred financing costs   1,129    2,099 
Compensation relating to restricted stock, stock unit and stock option grants   3,574    2,232 
Deferred income tax expense/(benefit)   6,347    (18,236)
Interest on finance lease liabilities   1,618    1,799 
Non-cash operating lease expense   89,127    90,863 
Items included in net income related to investing and financing activities:          
Loss on extinguishment and prepayments of debt, net   —    5,295 
Loss on disposal of vessels and other property, including impairments,  net   —    6,276 
Payments for drydocking   (17,231)   (19,037)
Changes in operating assets and liabilities:          
Operating lease liabilities   (99,808)   (92,634)
Increase in receivables   (5,112)   (384)
Decrease in income tax receivable   (32)   (1,495)
Increase in deferred revenue   3,435    9,666 
Net change in other operating assets and liabilities   (7,425)   (12,767)
Net cash provided by/(used in) operating activities   72,823    (11,832)
Cash Flows from Investing Activities:          
Expenditures for vessels and vessel improvements   (6,354)   (7,793)
Purchase of investment security to be held to maturity   (14,794)   — 
Proceeds from disposal of vessels and other property   —    32,128 
Net cash (used in)/provided by investing activities   (21,148)   24,335 
Cash Flows from Financing Activities:          
Payments on debt   (22,222)   (33,316)
Tax withholding on share-based awards   (496)   (402)
Payments on principal portion of finance lease liabilities   (4,161)   (4,161)
Deferred financing costs paid for debt amendments   (277)   (2,465)
Purchases of treasury stock   (29,040)   — 
Extinguishment of debt and prepayments   —    (277,520)
Issuance of debt, net of issuance and deferred financing costs   —    321,531 
Extinguishment of debt costs paid   —    (2,736)
Net cash (used in)/provided by financing activities   (56,196)   931 
Net (decrease)/increase in cash and cash equivalents   (4,521)   13,434 
Cash and cash equivalents at beginning of year   83,253    69,819 
Cash and cash equivalents at end of year  $78,732   $83,253 

 

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 months and fiscal year ended December 31, 2022 and the comparable periods of 2021. Revenue days in the quarter ended December 31, 2022 totaled 2,023 compared with 1,597 in the prior year quarter. Revenue days in the fiscal year ended December 31, 2022 totaled 7,739 compared with 6,064 in the prior year. A summary fleet list by vessel class can be found later in this press release.

 

   2022   2021 
For the three months ended December 31,  Spot
Earnings		   Fixed
Earnings		   Spot
Earnings		   Fixed
Earnings		 
Jones Act Handysize Product Carriers:                    
Average rate  $27,327   $62,354   $39,841   $65,541 
Revenue days   52    1,055    294    476 
Non-Jones Act Handysize Product Carriers:                    
Average rate  $48,062   $36,401   $32,015   $12,700 
Revenue days   184    89    184    92 
ATBs:                    
Average rate  $33,665   $35,450   $—   $34,802 
Revenue days   92    92    —    183 
Lightering:                    
Average rate  $79,430   $46,716   $72,007   $— 
Revenue days   92    91    92    — 
Alaska (a):                    
Average rate  $—   $60,113   $—   $60,496 
Revenue days   —    276    —    276 

 

   2022   2021 
For the years ended December 31,  Spot
Earnings		   Fixed
Earnings		   Spot
Earnings		   Fixed
Earnings		 
Jones Act Handysize Product Carriers:                    
Average rate  $51,565   $60,732   $34,985   $65,794 
Revenue days   637    3,628    843    1,856 
Non-Jones Act Handysize Product Carriers:                    
Average rate  $45,562   $31,290   $31,017   $10,048 
Revenue days   730    361    735    520 
ATBs:                    
Average rate  $37,211   $35,125   $—   $33,849 
Revenue days   177    550    —    727 
Lightering:                    
Average rate  $68,523   $46,783   $73,624   $— 
Revenue days   455    140    365    — 
Alaska (a):                    
Average rate  $—   $59,880   $—   $59,002 
Revenue days   —    1,061    —    1,018 

 

(a) Excludes one Alaska vessel currently in layup.

 

7
 

 

Fleet Information

 

As of December 31, 2022, OSG’s operating fleet consisted of 21 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 December 31, 2022 
Vessel Type  Number   Number   Total Vessels   Total dwt (3) 
Handysize Product Carriers (1)   5    8    13    619,854 
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    9    21    1,537,342 

 

(1)Includes two owned shuttle tankers, eight 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 during 2022 and converted U.S. flag in January 2023.
(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
December 31,		   Years Ended
December 31,		 
   2022   2021   2022   2021 
Time charter equivalent revenues  $114,098   $80,026   $426,328   $292,595 
Add: Voyage expenses   7,659    15,437    40,472    66,467 
Shipping revenues  $121,757   $95,463   $466,800   $359,062 

 

8
 

 

Vessel Operating Contribution

 

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

 

   Three Months Ended
December 31,		   Years Ended
December 31,		 
($ in thousands)  2022   2021   2022   2021 
Niche market activities  $27,564   $15,472   $91,286   $62,585 
Jones Act handysize tankers   6,414    (8,720)   22,566    (44,415)
ATBs   4,084    3,981    17,001    15,384 
Alaska crude oil tankers   7,991    8,248    29,960    28,462 
Vessel operating contribution   46,053    18,981    160,813    62,016 
Depreciation and amortization   19,579    15,910    70,637    61,823 
General and administrative   6,056    6,021    26,985    24,097 
Bad debt recovery   —    (1,080)   —    (1,080)
Loss on disposal of vessels and other property, including impairments, net   —    19    —    6,276 
Operating income/(loss) from vessel operations  $20,418   $(1,889)  $63,191   $(29,100)

 

(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
December 31,		   Years Ended
December 31,		 
($ in thousands)  2022   2021   2022   2021 
Net income/(loss)  $10,085   $(3,676)  $26,564   $(46,252)
Income tax expense/(benefit)   4,820    (4,902)   6,894    (18,097)
Interest expense, net   8,191    8,464    33,060    29,203 
Depreciation and amortization   19,579    15,910    70,637    61,823 
EBITDA   42,675    15,796    137,155    26,677 
Amortization classified in charter hire and vessel expenses   318    143    862    570 
Interest expense classified in charter hire expenses   284    330    1,219    1,354 
Non-cash stock based compensation expense   337    244    3,574    2,232 
Loss on disposal of vessels and other property, including impairments, net   —    19    —    6,276 
Loss on extinguishment of debt, net   —    70    —    8,031 
Adjusted EBITDA  $43,614   $16,602   $142,810   $45,140 

 

(C) Total Cash and Investments

 

($ in thousands)  December 31,
2022		   December 31,
2021		 
Cash and cash equivalents  $78,680   $83,172 
Restricted cash   52    81 
Investment security to be held to maturity   14,803    — 
Total cash and investments  $93,535   $83,253 

 

9

 

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Cover
Mar. 09, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Mar. 09, 2023
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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