0001493152-23-039435.txt : 20231106 0001493152-23-039435.hdr.sgml : 20231106 20231106073510 ACCESSION NUMBER: 0001493152-23-039435 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20231106 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231106 DATE AS OF CHANGE: 20231106 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: 231378125 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 6, 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 November 6, 2023, Overseas Shipholding Group, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing third quarter 2023 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 6, 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: November 6, 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 November 6, 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

THIRD QUARTER 2023 RESULTS

 

Tampa, FL – November 6, 2023 – Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a leading provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products in the U.S. Flag markets, today reported results for the third quarter of 2023.

 

●Net income for the third quarter of 2023 was $17.6 million, or $0.22 per diluted share, compared with net income of $13.2 million, or $0.15 per diluted share, for the third quarter of 2022.
  
●Third quarter 2023 Adjusted EBITDA(A), a non-GAAP measure, was $48.1 million, an increase of $5.8 million, or 13.7%, from the third quarter of 2022.
  
●Shipping revenues for the third quarter of 2023 were $115.4 million, a decrease of $7.6, million, or 6.2%, from the third quarter of 2022.
  
●Time charter equivalent (TCE) revenues(B), a non-GAAP measure, for the third quarter of 2023 were $108.6 million, a decrease of $6.5 million, or 5.6%, from the third quarter of 2022.
  
●Total cash and investments(C) were $112.5 million as of September 30, 2023.
  
●During the third quarter of 2023, the Company repurchased 4,580,921 shares for total consideration of $18.7 million.
  
●During the quarter, the Company also purchased 13,851,382 warrants which were exercisable for 2,631,763 shares for total consideration of $11.4 million.

 

Sam Norton, OSG’s President and CEO, said. “We made progress on all of our key objectives since our report for the second quarter. Adjusted EBITDA increased by more than 20% from the second quarter. We completed transactions to repurchase the equivalent of 7.2 million shares, returning nearly $30 million to our shareholders. We took steps to add additional earning assets to our fleet through an agreement to purchase the Alaskan Frontier, which we expect to be in operation within the next 12 months. And, after the quarter end, we prepaid $6.7 million of interest-bearing liabilities at a discount, which will see us book a gain of $911,000 during the fourth quarter.”

 

Mr. Norton added, “Cashflow from operations continues to meet or exceed our expectations, giving us continuing confidence that our business plan is working. As has been the case for most of this year, healthy refining margins and strong international tanker rates have supported better than expected performance from our TSP vessels and have boosted volumes lifted in our lightering operations. With three-year charter extensions obtained during the quarter for both the Overseas Boston and OSG 204/Endurance, 90% of 2024 available trading days for the Jones Act fleet are now fixed at rates that will generate TCE from fixed contracts in excess of $30 million per month through the end of 2024. Free cashflow above debt service and capital expenditures should thus be available to allow us to make further progress in meeting our key capital allocation goals.”

 

         

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 2023 Results

 

Shipping revenues were $115.4 million for the third quarter of 2023, a decrease of $7.6 million, or 6.2%, compared to the third quarter of 2022. TCE revenues were $108.6 million for the third quarter of 2023, a decrease of $6.5 million, or 5.6%, from the third quarter of 2022. The decreases primarily resulted from (a) fewer vessels in our fleet, as we redelivered three conventional tankers leased from American Shipping Company in December 2022, (b) an 8-day increase in drydock days, and (c) a decrease in Delaware Bay lightering volumes. The decrease was partially offset by an increase in average daily rates earned by our fleet and one full Government of Israel voyage and one partial Government of Israel voyage that began during the third quarter of 2023 and continued in the fourth quarter compared to two partial Government of Israel voyages in the third quarter of 2022.

 

Operating income for the third quarter of 2023 was $28.2 million compared to operating income of $22.4 million for the third quarter of 2022. Net income for the third quarter of 2023 was $17.6 million, or $0.22 per diluted share, compared with net income of $13.2 million, or $0.15 per diluted share, for the third quarter of 2022. The increases in operating and net income primarily reflected decreases in voyage, vessel and charter hire expenses of $13.1 million when compared to the third quarter of 2022. The decrease in voyage expenses was primarily due to a decrease in fuel expenses, as our vessels performed fewer voyage charters during the third quarter of 2023 compared to the third quarter of 2022. The decreases in vessel and charter hire expenses were primarily due to the redelivery of three conventional tankers leased from American Shipping Company in December 2022.

 

Adjusted EBITDA was $48.1 million for the 2023 third quarter, an increase of $5.8 million compared with the third quarter of 2022, driven primarily by the increases in operating and net income.

 

Conference Call

 

The Company will host a conference call to discuss its third quarter 2023 results at 9:30 a.m. Eastern Time (“ET”) on Monday, November 6, 2023.

 

To access the call, participants should dial (844) 850-0546 for U.S. callers and (412) 317-5203 for international callers.

 

Participants have an option of calling in to listen or watching a live audio webcast and slide presentation available at the Investors section of the Company’s website located at www.osg.com/investors. A replay of the webcast will also be available on the website after the completion of the call.

 

2

 

 

About Overseas Shipholding Group, Inc.

 

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded company providing liquid bulk transportation services in the U.S. Flag markets. OSG’s U.S. Flag fleet consists of Suezmax crude oil tankers doing business in Alaska, conventional and lightering ATBs, shuttle and conventional MR tankers, and non-Jones Act MR tankers that participate in the U.S. Tanker Security Program.

 

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 and recent developments in the Middle East. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. 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,		 
   2023   2022   2023   2022 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Shipping Revenues:                    
                     
Time and bareboat charter revenues  $93,224   $92,730   $264,621   $232,934 
Voyage charter revenues   22,211    30,329    71,230    112,108 
    115,435    123,059    335,851    345,042 
Operating Expenses:                    
Voyage expenses   6,858    7,997    22,413    32,813 
Vessel expenses   39,969    45,430    123,337    130,380 
Charter hire expenses   16,233    22,743    47,988    67,089 
Depreciation and amortization   17,003    17,902    49,500    51,058 
General and administrative   7,173    6,556    21,614    20,929 
Total operating expenses   87,236    100,628    264,852    302,269 
Operating income   28,199    22,431    70,999    42,773 
Other income, net   1,643    568    4,184    649 
Income before interest expense and income taxes   29,842    22,999    75,183    43,422 
Interest expense   (7,779)   (8,229)   (24,019)   (24,869)
Income before income taxes   22,063    14,770    51,164    18,553 
Income tax expense   (4,471)   (1,522)   (9,131)   (2,074)
Net income  $17,592   $13,248   $42,033   $16,479 
                     
Weighted Average Number of Common Shares Outstanding:                    
Basic - Class A   78,263,667    88,174,640    80,544,607    87,579,624 
Diluted - Class A   80,700,618    90,349,567    83,233,332    89,211,983 
Per Share Amounts:                    
Basic net income - Class A  $0.22   $0.15   $0.52   $0.19 
Diluted net income - Class A  $0.22   $0.15   $0.51   $0.18 

 

4

 

 

Consolidated Balance Sheets

($ in thousands)

 

   September 30,
2023		   December 31,
2022		 
   (unaudited)     
ASSETS          
Current Assets:          
Cash and cash equivalents  $97,598   $78,732 
Investment security to be held to maturity   14,900    — 
Voyage receivables, including unbilled of $4,862 and $11,364, net of reserve for credit losses   12,522    19,698 
Income tax receivable   696    1,914 
Other receivables   2,227    5,334 
Inventories, prepaid expenses and other current assets   3,237    2,668 
Total Current Assets   131,180    108,346 
Vessels and other property, less accumulated depreciation   679,399    726,179 
Deferred drydock expenditures, net   41,703    38,976 
Total Vessels, Other Property and Deferred Drydock   721,102    765,155 
Intangible assets, less accumulated amortization   14,567    18,017 
Operating lease right-of-use assets, net   187,135    206,797 
Investment security to be held to maturity   —    14,803 
Other assets   27,188    25,945 
Total Assets  $1,081,172   $1,139,063 
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $49,061   $54,906 
Current portion of operating lease liabilities   67,320    63,288 
Current portion of finance lease liabilities   —    4,000 
Current installments of long-term debt   43,183    23,733 
Total Current Liabilities   159,564    145,927 
Reserve for uncertain tax positions   212    175 
Noncurrent operating lease liabilities   127,266    149,960 
Noncurrent finance lease liabilities   —    16,456 
Long-term debt   363,327    399,630 
Deferred income taxes, net   79,263    70,233 
Other liabilities   8,893    16,997 
Total Liabilities   738,525    799,378 
Equity:          
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 89,496,512 and 88,297,439 shares issued; 72,322,453 and 78,297,439 shares outstanding)   895    883 
Paid-in additional capital   587,447    597,455 
Accumulated deficit   (190,989)   (233,023)
Treasury stock, 17,174,059 and 10,000,000 shares, at cost   (57,540)   (29,040)
    339,813    336,275 
Accumulated other comprehensive income   2,834    3,410 
Total Equity   342,647    339,685 
Total Liabilities and Equity  $1,081,172   $1,139,063 

 

5

 

 

Consolidated Statements of Cash Flows

($ in thousands)

 

   Nine Months Ended
September 30,		 
   2023   2022 
   (unaudited)   (unaudited) 
Cash Flows from Operating Activities:          
Net income  $42,033   $16,479 
Items included in net income not affecting cash flows:          
Depreciation and amortization   49,500    51,058 
Amortization of debt discount and other deferred financing costs   855    840 
Compensation relating to restricted stock awards and stock option grants   2,556    3,237 
Deferred income tax expense   9,068    1,998 
Interest on finance lease liabilities   917    1,228 
Non-cash operating lease expense   48,970    67,769 
Payments for drydocking   (12,862)   (13,896)
Operating lease liabilities   (50,257)   (69,368)
Changes in operating assets and liabilities, net   (7,730)   (18,166)
Net cash provided by operating activities   83,050    41,179 
Cash Flows from Investing Activities:          
Expenditures for vessels and vessel improvements   (2,593)   (4,519)
Purchase of investment security to be held to maturity   —    (14,794)
Net cash used in investing activities   (2,593)   (19,313)
Cash Flows from Financing Activities:          
Payments on debt   (17,522)   (16,530)
Tax withholding on share-based awards   (1,168)   (496)
Payments on principal portion of finance lease liabilities   (2,964)   (3,124)
Deferred financing costs paid for debt amendments   (53)   (261)
Purchases of treasury stock and Class A warrants   (39,884)   (11,026)
Net cash used in financing activities   (61,591)   (31,437)
Net increase/(decrease) in cash and cash equivalents   18,866    (9,571)
Cash and cash equivalents at beginning of period   78,732    83,253 
Cash and cash equivalents at end of period  $97,598   $73,682 

 

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, 2023 and the comparable periods of 2022. Revenue days in the quarter ended September 30, 2023 totaled 1,747 compared with 2,035 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release. Prior period amounts have been updated to conform to current period presentation.

 

   2023   2022 
Three months ended September 30,  Spot
Earnings		   Fixed
Earnings		   Spot
Earnings		   Fixed
Earnings		 
Jones Act Handysize Product Carriers:                    
Average rate  $—   $67,694   $38,296   $60,923 
Revenue days   —    903    55    1,086 
Non-Jones Act Handysize Product Carriers:                    
Average rate  $43,834   $68,875   $47,779   $38,911 
Revenue days   189    60    184    92 
ATBs:                    
Average rate  $—   $44,354   $41,117   $35,590 
Revenue days   —    247    85    99 
Lightering:                    
Average rate  $89,255   $—   $71,086   $46,906 
Revenue days   94    —    135    49 
Alaska (a):                    
Average rate  $—   $61,016   $—   $60,438 
Revenue days   —    254    —    250 

 

   2023   2022 
Nine months ended September 30,  Spot
Earnings		   Fixed
Earnings		   Spot
Earnings		   Fixed
Earnings		 
Jones Act Handysize Product Carriers:                    
Average rate  $60,505   $65,807   $53,710   $60,067 
Revenue days   40    2,658    585    2,574 
Non-Jones Act Handysize Product Carriers:                    
Average rate  $36,622   $63,239   $44,720   $29,632 
Revenue days   677    74    546    273 
ATBs:                    
Average rate  $—   $43,511   $41,048   $35,059 
Revenue days   —    737    85    458 
Lightering:                    
Average rate  $91,900   $—   $65,758   $46,906 
Revenue days   275    —    363    49 
Alaska (a):                    
Average rate  $—   $60,355   $—   $59,799 
Revenue days   —    797    —    785 

 

(a) Excludes one Alaska vessel currently in layup.

 

OSG has realigned some of our vessels in the analytical tables to reflect their current employment. The tables affected in the press release are the TCE Spot and Fixed Rate table and the Vessel Operating Contribution table. Prior year information has been revised to conform with the current presentation.

 

7

 

 

Fleet Information

 

As of September 30, 2023, 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 September 30, 2023 
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   3    —    3    99,738 
Lightering ATBs   1    —    1    45,556 
Total Operating Fleet   12    9    21    1,537,342 

 

(1)Includes two owned shuttle tankers, eight chartered-in tankers, and three non-Jones Act MR tankers that participate in the U.S. Tanker Security Program or are on time charter to the U.S. Military Sealift Command.
(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)  2023   2022   2023   2022 
Time charter equivalent revenues  $108,577   $115,062   $313,438   $312,229 
Add: Voyage expenses   6,858    7,997    22,413    32,813 
Shipping revenues  $115,435   $123,059   $335,851   $345,042 

 

8

 

 

Vessel Operating Contribution

 

Vessel operating contribution, a non-GAAP measure, is TCE revenues minus vessel expenses and charter hire expenses. The Company changed the presentation of the table below to reflect the current business operations of the Company’s vessels. Accordingly, prior period amounts have been updated to conform to current period presentation.

 

   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
($ in thousands)  2023   2022   2023   2022 
Specialized businesses  $31,981   $31,739   $88,312   $89,385 
Jones Act handysize tankers   12,709    8,046    32,868    10,166 
Jones Act ATBs   7,685    7,104    20,933    15,209 
Vessel operating contribution   52,375    46,889    142,113    114,760 
Depreciation and amortization   17,003    17,902    49,500    51,058 
General and administrative   7,173    6,556    21,614    20,929 
Operating income  $28,199   $22,431   $70,999   $42,773 

 

(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)  2023   2022   2023   2022 
Net income  $17,592   $13,248   $42,033   $16,479 
Income tax expense   4,471    1,522    9,131    2,074 
Interest expense, net   7,779    8,229    24,019    24,869 
Depreciation and amortization   17,003    17,902    49,500    51,058 
EBITDA   46,845    40,901    124,683    94,480 
Amortization classified in charter hire and vessel expenses   273    260    820    545 
Interest expense classified in charter hire expenses   104    308    426    935 
Non-cash stock based compensation expense   894    846    2,556    3,237 
Adjusted EBITDA  $48,116   $42,315   $128,485   $99,197 

 

(C) Total Cash and Investments

 

($ in thousands)  September 30,
2023		   December 31,
2022		 
Cash and cash equivalents  $97,575   $78,680 
Restricted cash   23    52 
Investment security to be held to maturity   14,900    14,803 
Total cash and investments  $112,498   $93,535 

 

9

 

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"_]D! end EX-101.SCH 4 osg-20231106.xsd XBRL SCHEMA FILE 00000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 5 osg-20231106_lab.xml XBRL LABEL FILE Cover [Abstract] Document Type Amendment Flag Amendment Description Document Registration Statement Document Annual Report Document Quarterly Report Document Transition Report Document Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] EX-101.PRE 6 osg-20231106_pre.xml XBRL PRESENTATION FILE XML 7 R1.htm IDEA: XBRL DOCUMENT v3.23.3
Cover
Nov. 06, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 06, 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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