0001493152-22-006348.txt : 20220309 0001493152-22-006348.hdr.sgml : 20220309 20220309073033 ACCESSION NUMBER: 0001493152-22-006348 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220309 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220309 DATE AS OF CHANGE: 20220309 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: 22723912 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, 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 March 9, 2022, 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 2021 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, 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: March 9, 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 March 9, 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

FOURTH QUARTER AND FULL YEAR 2021 RESULTS

 

Tampa, FL – March 9, 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 fourth quarter and full year 2021.

 

  ● Shipping revenues for the fourth quarter 2021 were $95.5 million, an increase of $1.5 million from the third quarter 2021. Compared to the fourth quarter 2020, shipping revenues decreased 2.1% from $97.5 million. Shipping revenues for the full year 2021 were $359.1 million, down 14.2% compared with the full year 2020.
     
  ● Net loss for the fourth quarter 2021 was $3.7 million, or $(0.03) per diluted share, compared with net loss of $16.0 million, or ($0.18) per diluted share, in the third quarter 2021. Net loss was $844 thousand, or $(0.01) per diluted share, for the fourth quarter 2020. Net loss for the full year 2021 was $46.3 million, or $(0.51) per diluted share, compared with net income of $30.0 million, or $0.33 per diluted share, for the full year 2020.
     
  ● Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the fourth quarter 2021 were $80.0 million, an increase of $4.7 million from third quarter 2021. TCE revenues were down 7.0% compared to fourth quarter 2020. TCE revenues for the full year 2021 were $292.6 million, down 22.1% compared with the full year 2020.
     
  ● Fourth quarter 2021 Adjusted EBITDA(B), a non-GAAP measure, was $16.6 million, an increase of $4.4 million from the third quarter. Adjusted EBITDA decreased 19.0% from $20.5 million in the fourth quarter 2020. Full year Adjusted EBITDA was $45.1 million, down 63.8% from $124.9 million in the same period in 2020.
     
  ● Total cash(C) was $83.3 million as of December 31, 2021.
     
  ● During the quarter, we removed one vessel from layup. Subsequent to quarter-end, we removed an additional two vessels. As of March 1, 2022, we have two vessels remaining in layup.

 

Sam Norton, President and CEO, offered the following comments on the quarterly results announced today: “We are pleased with the operating results achieved during the final quarter of last year, marking the third consecutive quarter of improved sequential TCE and EBITDA performance. Importantly, we expect this trend to continue in 2022. As noted in our prior quarter’s release, Jones Act Vessel availability across the fourth quarter and into 2022 has tightened considerably, meaning that business fundamentals for our conventional Jones Act tankers continue to strengthen. Following on from having activated three tankers out of layup at the end of the third quarter and in the fourth quarter, the Overseas Anacortes and Overseas Long Beach have now joined the active trading fleet in recent weeks, leaving only one tanker and one lightering ATB in layup as of today. With additional available operating days at improved market rates, and the reliably solid contribution from our niche and Alaskan Tanker Company assets, we are witnessing steadily improving cashflows from our businesses and an improving balance sheet.”

 

Mr. Norton added, “Energy markets are experiencing dislocations at this time”, Mr. Norton continued, “creating trading opportunities that are not usually seen in the markets within which OSG operates. OSG’s fleet is well positioned to facilitate many of these new trading opportunities and, in doing so, providing reliably available transportation to meeting the evolving needs of the domestic US market.”

 

 

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.

 

 
 

 

Fourth Quarter 2021 Results

 

Shipping revenues were $95.5 million for the fourth quarter, an increase of $1.5 million, or 1.6%, from the third quarter of 2021. TCE revenues increased $4.7 million, or 6.1%, from the third quarter to $80.0 million in the fourth quarter. The increases were primarily a result of a 168-day decrease in layup days as two vessels came out of layup in September 2021 and a third vessel came out of layup in December 2021. Delaware Bay lightering volumes also contributed to an increase in revenues.

 

The fourth quarter operating loss was $1.9 million compared to the third quarter operating loss of $5.6 million.

 

Quarterly adjusted EBITDA increased to $16.6 million during the fourth quarter, a $4.4 million increase from the third quarter of 2021. The increase was driven by the increased revenues for the quarter.

 

In comparison to the fourth quarter of 2020, shipping revenues were down 2.1%. TCE revenues for the fourth quarter of 2021 were $80.0 million, a decrease of $6.1 million, or 7.0%, compared with the fourth quarter of 2020. The decrease resulted primarily from a 173-day increase in layup days due to vessels in layup during the fourth quarter of 2021 and one less MR tanker in the Company’s fleet, reflecting the sale of the Overseas Gulf Coast during the second quarter of 2021. The decrease was offset by the addition to the Company’s fleet of one ATB, OSG 205, delivered in December 2020.

 

Operating loss for the fourth quarter of 2021 was $1.9 million compared to operating income of $2.2 million for the fourth quarter of 2020. Net loss for the fourth quarter of 2021 was $3.7 million, or $(0.03) per diluted share, compared with net loss of $844 thousand, or $(0.01) per diluted share, for the fourth quarter 2020.

 

Adjusted EBITDA was $16.6 million for the 2021 fourth quarter, a decrease of $3.9 million compared with the fourth quarter of 2020, driven primarily by the decrease in TCE revenues.

 

Full Year 2021 Results

 

Shipping revenues were $359.0 million for the full year 2021, down 14.2% compared with the full year 2020. TCE revenues for the full year 2021 were $292.6 million, a decrease of $83.3 million, or 22.1% compared with the full year 2020. The decreases were primarily a result of (a) a 1,894-day increase in layup days due to seven vessels in layup for most of 2021, a decision taken in light of the lack of demand due to the economic impact of COVID-19, (b) one less MR tanker in our fleet, Overseas Gulf Coast, which was sold during the second quarter of 2021 and (c) two fewer ATBs, which were sold in May 2020 and August 2020, respectively. The decreases were offset by (a) a 204-day decrease in scheduled drydocking, (b) the addition to our fleet of three crude oil tankers, Alaskan Explorer, Alaskan Legend and Alaskan Navigator, which were purchased in March 2020, and two ATBs, OSG 204 and OSG 205, which were delivered at the end of May 2020 and the beginning of December 2020, respectively, (c) an increase in Delaware Bay lightering volumes and (d) five voyages for Military Sealift Command, which were longer international voyages, during 2021 compared to two such voyages during 2020. Two of seven vessels came out of layup in September 2021 and operated in the spot market. One of these two vessels commenced a 26-month time charter in mid-November 2021. A third vessel came out of layup in December 2021 and operated in the spot market.

 

Operating loss for the full year 2021 was $29.1 million, compared to operating income of $58.6 million for the full year 2020. The prior year included a gain on termination of a pre-existing arrangement related to the acquisition of the Alaska Tanker Company.

 

Net loss for the full year 2021 was $46.3 million, or $(0.51) per diluted share, compared with net income of $30.0 million, or $0.33 per diluted share, for the full year 2020.

 

Adjusted EBITDA was $45.1 million for the full year 2021, a decrease of $79.8 million compared with the full year 2020.

 

Conference Call

 

The Company will host a conference call to discuss its fourth quarter and full year 2021 results at 9:30 a.m. Eastern Time (“ET”) on Wednesday, March 9, 2022.

 

To access the call, participants should dial (844) 850-0546 for domestic callers and (412) 317-5203 for international callers. 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 http://www.osg.com/.

 

An audio replay of the conference call will be available for one week starting at 11:30 a.m. ET on Wednesday, March 9, 2022 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 8908564.

 

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 22 vessel U.S. Flag fleet consists of three 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. OSG also currently 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.

 

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 facts 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 such external events such as geopolitical conflicts. 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,

 
   2021   2020   2021   2020 
Shipping Revenues:                    
                     
Time and bareboat charter revenues  $63,615   $80,427   $254,744   $344,512 
Voyage charter revenues   31,848    17,119    104,318    74,180 
    95,463    97,546    359,062    418,692 
                     
Operating Expenses:                    
Voyage expenses   15,437    11,448    66,467    42,813 
Vessel expenses   38,598    39,009    140,413    159,466 
Charter hire expenses   22,447    22,861    90,166    90,608 
Depreciation and amortization   15,910    15,024    61,823    58,513 
Bad debt recovery   (1,080)   —    (1,080)   — 
General and administrative   6,021    6,957    24,097    26,869 
Loss on disposal of vessels and other property, including impairments, net   19    24    6,276    982 
Total operating expenses   97,352    95,323    388,162    379,251 
(Loss)/income from vessel operations   (1,889)   2,223    (29,100)   39,441 
Gain on termination of pre-existing arrangement   —    —    —    19,172 
Operating (loss)/income   (1,889)   2,223    (29,100)   58,613 
Loss on extinguishment of debt, net   (70)   —    (8,031)   (793)
Other income, net   1,845    1,808    1,985    2,414 
(Loss)/income before interest expense and income taxes   (114)   4,031    (35,146)   60,234 
Interest expense   (8,464)   (5,902)   (29,203)   (24,045)
(Loss)/income before income taxes   (8,578)   (1,871)   (64,349)   36,189 
Income tax benefit/(expense)   4,902    1,027    18,097    (6,185)
Net (loss)/income  $(3,676)  $(844)  $(46,252)  $30,004 
                     
Weighted Average Number of Common Shares Outstanding:                    
Basic - Class A   90,807,935    90,004,773    90,587,454    89,794,392 
Diluted - Class A   90,807,935    90,004,773    90,587,454    90,838,262 
Per Share Amounts:                    
Basic and diluted net (loss)/income - Class A  $(0.03)  $(0.01)  $(0.51)  $0.33 

 

4
 

 

Consolidated Balance Sheets

($ in thousands)

 

   December 31, 2021   December 31, 2020 
ASSETS          
Current Assets:          
Cash and cash equivalents  $83,172   $69,697 
Restricted cash   37    49 
Voyage receivables, including unbilled of $3,777 and $6,740, net of reserve for doubtful accounts   14,586    13,123 
Income tax receivable   1,882    387 
Other receivables   5,816    1,817 
Prepaid expenses   543    1,310 
Inventories and other current assets   2,895    2,293 
Total Current Assets   108,931    88,676 
Vessels and other property, less accumulated depreciation   761,777    832,174 
Deferred drydock expenditures, net   43,342    43,134 
Total Vessels, Other Property and Deferred Drydock   805,119    875,308 
Restricted cash - non current   44    73 
Intangible assets, less accumulated amortization   22,617    27,217 
Operating lease right-of-use assets, net   152,027    215,817 
Other assets   26,991    24,646 
Total Assets  $1,115,729   $1,231,737 
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $49,901   $48,089 
Current installments of long-term debt   22,225    38,922 
Current portion of operating lease liabilities   100,010    90,613 
Current portion of finance lease liabilities   4,000    4,000 
Total Current Liabilities   176,136    181,624 
Reserve for uncertain tax positions   179    189 
Long-term debt, net   422,515    390,198 
Deferred income taxes, net   63,744    80,992 
Noncurrent operating lease liabilities   73,150    147,154 
Noncurrent finance lease liabilities   18,998    21,360 
Other liabilities   22,393    30,409 
Total Liabilities   777,115    851,926 
Equity:          
Common stock - Class A ($0.01 par value; 166,666,666 shares
authorized; 87,170,463 and 86,365,422 shares issued and outstanding)		   872    864 
Paid-in additional capital   594,386    592,564 
Accumulated deficit   (259,587)   (213,335)
    335,671    380,093 
Accumulated other comprehensive income/(loss)   2,943    (282)
Total Equity   338,614    379,811 
Total Liabilities and Equity  $1,115,729   $1,231,737 

 

5
 

 

Consolidated Statements of Cash Flows

($ in thousands)

 

   Years Ended December 31, 
   2021   2020 
Cash Flows from Operating Activities:          
Net (loss)/income  $(46,252)  $30,004 
Items included in net income not affecting cash flows:          
Depreciation and amortization   61,823    58,513 
Bad debt recovery   (1,080)   — 
Gain on termination of pre-existing arrangement   —    (19,172)
Amortization of debt discount and other deferred financing costs   2,099    2,286 
Compensation relating to restricted stock, stock unit and stock option grants   2,232    2,333 
Deferred income tax (benefit)/expense   (18,236)   6,298 
Interest on finance lease liabilities   1,799    1,973 
Non-cash operating lease expense   90,863    91,696 
Distributed earnings of affiliated companies   —    3,562 
Items included in net income related to investing and financing activities:          
Loss on extinguishment and prepayments of debt, net   5,295    793 
Loss on disposal of vessels and other property, including impairments, net   6,276    982 
Payments for drydocking   (19,037)   (30,732)
Changes in operating assets and liabilities:          
Operating lease liabilities   (92,634)   (92,753)
Increase in receivables   (384)   (3,876)
(Decrease)/increase in income tax receivable   (1,495)   6,133 
Increase/(decrease) in deferred revenue   9,666    (2,903)
Net change in other operating assets and liabilities   (12,767)   (2,469)
Net cash (used in)/provided by operating activities   (11,832)   52,668 
Cash Flows from Investing Activities:          
Acquisition, net of cash acquired   —    (16,973)
Expenditures for vessels and vessel improvements   (7,793)   (62,586)
Proceeds from disposal of vessels and other property   32,128    1,407 
Net cash provided by/(used in) investing activities   24,335    (78,152)
Cash Flows from Financing Activities:          
Extinguishment of debt and prepayments   (277,520)   (41,021)
Issuance of debt, net of issuance and deferred financing costs   321,531    143,949 
Payments on debt   (33,316)   (44,933)
Tax withholding on share-based awards   (402)   (197)
Payments on principal portion of finance lease liabilities   (4,161)   (4,172)
Extinguishment of debt costs paid   (2,736)   — 
Deferred financing costs paid for debt amendments   (2,465)   — 
Net cash provided by financing activities   931    53,626 
Net increase in cash, cash equivalents and restricted cash   13,434    28,142 
Cash, cash equivalents and restricted cash at beginning of year   69,819    41,677 
Cash, cash equivalents and restricted cash at end of year  $83,253   $69,819 

 

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, 2021 and the comparable periods of 2020. Revenue days in the quarter ended December 31, 2021 totaled 1,597 compared with 1,756 in the prior year quarter. Revenue days in the fiscal year ended December 31, 2021 totaled 6,064 compared with 7,639 in the prior year. A summary fleet list by vessel class can be found later in this press release.

 

   2021   2020 
For the three months ended December 31, 

Spot

Earnings

  

Fixed

Earnings

  

Spot

Earnings

  

Fixed

Earnings

 
Jones Act Handysize Product Carriers:                    
Average rate  $39,841   $65,541   $1,712   $62,935 
Revenue days   294    476    111    828 
Non-Jones Act Handysize Product Carriers:                    
Average rate  $32,015   $12,700   $34,076   $11,093 
Revenue days   184    92    205    162 
ATBs:                    
Average rate  $—   $34,802   $—   $30,056 
Revenue days   —    183    —    116 
Lightering:                    
Average rate  $72,007   $—   $75,162   $— 
Revenue days   92    —    89    — 
Alaska (a):                    
Average rate  $—   $60,496   $—   $58,987 
Revenue days   —    276    —    245 

 

   2021   2020 
For the years ended December 31, 

Spot

Earnings

  

Fixed

Earnings

  

Spot

Earnings

  

Fixed

Earnings

 
Jones Act Handysize Product Carriers:                    
Average rate  $34,985   $65,794   $24,568   $61,411 
Revenue days   843    1,856    359    3,889 
Non-Jones Act Handysize Product Carriers:                    
Average rate  $31,017   $10,048   $30,582   $15,213 
Revenue days   735    520    699    710 
ATBs:                    
Average rate  $—   $33,849   $16,987   $28,536 
Revenue days   —    727    277    291 
Lightering:                    
Average rate  $73,624   $—   $56,003   $61,012 
Revenue days   365    —    476    87 
Alaska (a):                    
Average rate  $—   $59,002   $—   $58,742 
Revenue days   —    1,018    —    851 

 

(a) Excludes one Alaska vessel currently in layup.

 

7
 

 

Fleet Information

 

As of December 31, 2021, 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 December 31, 2021 
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

December 31,

  

Years Ended

December 31,

 
   2021   2020   2021   2020 
Time charter equivalent revenues  $80,026   $86,098   $292,595   $375,879 
Add: Voyage expenses   15,437    11,448    66,467    42,813 
Shipping revenues  $95,463   $97,546   $359,062   $418,692 

 

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)  2021   2020   2021   2020 
Niche market activities  $15,472   $18,313   $62,585   $79,826 
Jones Act handysize tankers   (8,720)   (2,464)   (44,415)   15,670 
ATBs   3,981    1,335    15,384    4,658 
Alaska crude oil tankers   8,248    7,044    28,462    25,651 
Vessel operating contribution   18,981    24,228    62,016    125,805 
Depreciation and amortization   15,910    15,024    61,823    58,513 
Bad debt recovery   (1,080)   —    (1,080)   — 
General and administrative   6,021    6,957    24,097    26,869 
Loss on disposal of vessels and other property, including impairments, net   19    24    6,276    982 
(Loss)/income from vessel operations  $(1,889)  $2,223   $(29,100)  $39,441 

 

(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)  2021   2020   2021   2020 
Net (loss)/income  $(3,676)  $(844)  $(46,252)  $30,004 
Income tax (benefit)/expense   (4,902)   (1,027)   (18,097)   6,185 
Interest expense   8,464    5,902    29,203    24,045 
Depreciation and amortization   15,910    15,024    61,823    58,513 
EBITDA   15,796    19,055    26,677    118,747 
Amortization classified in charter hire expenses   143    143    570    570 
Interest expense classified in charter hire expenses   330    360    1,354    1,477 
Loss on disposal of vessels and other property, including impairments, net   19    24    6,276    982 
Non-cash stock based compensation expense   244    646    2,232    2,332 
Loss on extinguishment of debt, net   70    290    8,031    793 
Adjusted EBITDA  $16,602   $20,518   $45,140   $124,901 

 

(C) Total Cash

 

($ in thousands) 

December 31, 2021

  

December 31, 2020

 
Cash and cash equivalents  $83,172   $69,697 
Restricted cash - current   37    49 
Restricted cash – non-current   44    73 
Total cash  $83,253   $69,819 

 

9

 

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Cover
Mar. 09, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Mar. 09, 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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