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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Overseas Shipholding Group Inc | NYSE:OSG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.57 | 22.89% | 8.43 | 8.46 | 8.36 | 8.42 | 16,615,527 | 01:00:00 |
|
ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
|
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13-2637623
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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302 Knights Run Avenue, Tampa, Florida
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33602
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(Address of principal executive office)
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(Zip Code)
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Large accelerated filer
¨
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Accelerated filer
x
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Non-accelerated filer
¨
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Smaller reporting company
¨
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|
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(Do not check if smaller reporting company)
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Emerging growth company
¨
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Page
#
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Part I—FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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June 30,
2018 |
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December 31,
2017 |
||||
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(unaudited)
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|
||||
ASSETS
|
|
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|
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Current Assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
130,974
|
|
|
$
|
165,994
|
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Restricted cash
|
59
|
|
|
58
|
|
||
Voyage receivables, including unbilled of $6,135 and $9,919
|
18,257
|
|
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24,209
|
|
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Income tax receivable
|
835
|
|
|
1,122
|
|
||
Receivable from INSW
|
34
|
|
|
372
|
|
||
Other receivables
|
1,471
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|
|
2,184
|
|
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Inventories, prepaid expenses and other current assets
|
14,854
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13,356
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Total Current Assets
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166,484
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|
|
207,295
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Vessels and other property, less accumulated depreciation
|
615,530
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632,509
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Deferred drydock expenditures, net
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24,062
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23,914
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Total Vessels, Other Property and Deferred Drydock
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639,592
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656,423
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Restricted cash - non current
|
191
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|
|
217
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Investments in and advances to affiliated companies
|
38
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|
|
3,785
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Intangible assets, less accumulated amortization
|
38,717
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|
|
41,017
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Other assets
|
22,539
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|
|
23,150
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Total Assets
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$
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867,561
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$
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931,887
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||||
LIABILITIES AND EQUITY
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Current Liabilities:
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Accounts payable, accrued expenses and other current liabilities
|
$
|
34,643
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$
|
34,371
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Current installments of long-term debt
|
—
|
|
|
28,160
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||
Total Current Liabilities
|
34,643
|
|
|
62,531
|
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Reserve for uncertain tax positions
|
3,254
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|
|
3,205
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Long-term debt
|
376,660
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|
420,776
|
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Deferred income taxes, net
|
84,757
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|
|
83,671
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Other liabilities
|
47,415
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48,466
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Total Liabilities
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546,729
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618,649
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Equity:
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Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 80,713,679 and 78,277,669 shares issued and outstanding
|
807
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783
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Paid-in additional capital
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586,414
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584,675
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Accumulated deficit
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(260,269
|
)
|
|
(265,758
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)
|
||
|
326,952
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|
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319,700
|
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Accumulated other comprehensive loss
|
(6,120
|
)
|
|
(6,462
|
)
|
||
Total Equity
|
320,832
|
|
|
313,238
|
|
||
Total Liabilities and Equity
|
$
|
867,561
|
|
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$
|
931,887
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Three Months Ended
June 30, |
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Six Months Ended
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Shipping Revenues:
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||||||
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||||||||
Time and bareboat charter revenues
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$
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54,543
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$
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72,116
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$
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108,437
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$
|
151,883
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Voyage charter revenues
|
40,824
|
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24,109
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87,959
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52,458
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|
||||
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95,367
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96,225
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196,396
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204,341
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Operating Expenses:
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Voyage expenses
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9,402
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5,149
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21,654
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10,941
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Vessel expenses
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33,656
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32,599
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67,160
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68,243
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Charter hire expenses
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22,768
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22,856
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45,315
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45,433
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Depreciation and amortization
|
12,426
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15,086
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24,798
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31,711
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|
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General and administrative
|
6,586
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6,190
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13,369
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|
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14,284
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|
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Total operating expenses
|
84,838
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|
81,880
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172,296
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170,612
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|
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Operating income
|
10,529
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|
14,345
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24,100
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33,729
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|
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Other income/(expense)
|
385
|
|
|
(87
|
)
|
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(246
|
)
|
|
(880
|
)
|
||||
Income before interest expense, reorganization items and income taxes
|
10,914
|
|
|
14,258
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23,854
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32,849
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|
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Interest expense
|
(7,497
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)
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(9,445
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)
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(15,573
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)
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(18,802
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)
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Income before reorganization items and income taxes
|
3,417
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4,813
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8,281
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14,047
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|
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Reorganization items, net
|
—
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(9
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)
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—
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|
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(244
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)
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Income before income taxes
|
3,417
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|
4,804
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8,281
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|
13,803
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|
||||
Income tax provision
|
(362
|
)
|
|
(1,593
|
)
|
|
(1,564
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)
|
|
(5,162
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)
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Net income
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$
|
3,055
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$
|
3,211
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$
|
6,717
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$
|
8,641
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||||||||
Weighted Average Number of Common Shares Outstanding:
|
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||||||
Basic - Class A
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88,367,302
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87,769,483
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88,237,093
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88,309,231
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|
||||
Diluted - Class A
|
89,198,996
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87,964,755
|
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88,910,518
|
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88,542,779
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||||
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||||||||
Per Share Amounts:
|
|
|
|
|
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|
|
|
|
||||||
Basic and diluted net income - Class A
|
$
|
0.03
|
|
|
$
|
0.04
|
|
|
$
|
0.08
|
|
|
$
|
0.10
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
3,055
|
|
|
$
|
3,211
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$
|
6,717
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$
|
8,641
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
Net change in unrealized gains on cash flow hedges
|
—
|
|
|
202
|
|
|
112
|
|
|
350
|
|
||||
Defined benefit pension and other postretirement benefit plans:
|
|
|
|
|
|
|
|
||||||||
Net change in unrecognized prior service costs
|
(39
|
)
|
|
—
|
|
|
(70
|
)
|
|
—
|
|
||||
Net change in unrecognized actuarial losses
|
166
|
|
|
335
|
|
|
300
|
|
|
335
|
|
||||
Other comprehensive income
|
127
|
|
|
537
|
|
|
342
|
|
|
685
|
|
||||
Comprehensive income
|
$
|
3,182
|
|
|
$
|
3,748
|
|
|
$
|
7,059
|
|
|
$
|
9,326
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
||
Net income
|
$
|
6,717
|
|
|
$
|
8,641
|
|
Items included in net income not affecting cash flows:
|
|
|
|
|
|
||
Depreciation and amortization
|
24,798
|
|
|
31,711
|
|
||
Amortization of debt discount and other deferred financing costs
|
2,099
|
|
|
2,653
|
|
||
Compensation relating to restricted stock awards and stock option grants
|
1,497
|
|
|
1,699
|
|
||
Deferred income tax provision
|
1,057
|
|
|
2,121
|
|
||
Reorganization items, non-cash
|
—
|
|
|
85
|
|
||
Other – net
|
1,110
|
|
|
1,481
|
|
||
Loss on extinguishment of debt, net
|
981
|
|
|
1,189
|
|
||
Distributed earnings of affiliated companies
|
3,747
|
|
|
3,656
|
|
||
Payments for drydocking
|
(4,107
|
)
|
|
(3,305
|
)
|
||
SEC, Bankruptcy and IRS claim payments
|
—
|
|
|
(5,000
|
)
|
||
Changes in operating assets and liabilities
|
2,603
|
|
|
(20,273
|
)
|
||
Net cash provided by operating activities
|
40,502
|
|
|
24,658
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Expenditures for other property
|
(22
|
)
|
|
(11
|
)
|
||
Net cash used in investing activities
|
(22
|
)
|
|
(11
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
|
|
||
Payments on debt
|
(28,166
|
)
|
|
—
|
|
||
Extinguishment of debt
|
(47,000
|
)
|
|
(20,008
|
)
|
||
Tax withholding on share-based awards
|
(359
|
)
|
|
(1,062
|
)
|
||
Net cash used in financing activities
|
(75,525
|
)
|
|
(21,070
|
)
|
||
Net (decrease)/increase in cash, cash equivalents and restricted cash (Note 3)
|
(35,045
|
)
|
|
3,577
|
|
||
Cash, cash equivalents and restricted cash at beginning of period (Note 3)
|
166,269
|
|
|
206,933
|
|
||
Cash, cash equivalents and restricted cash at end of period (Note 3)
|
$
|
131,224
|
|
|
$
|
210,510
|
|
|
Common Stock (1)
|
|
Paid-in Additional Capital (2)
|
|
Accumulated
Deficit |
|
Accumulated Other Comprehensive Loss (3)
|
|
Total
|
||||||||||
Balance at December 31, 2017
|
$
|
783
|
|
|
$
|
584,675
|
|
|
$
|
(265,758
|
)
|
|
$
|
(6,462
|
)
|
|
$
|
313,238
|
|
Adoption of accounting standard (Note 4)
|
—
|
|
|
—
|
|
|
(1,228
|
)
|
|
—
|
|
|
(1,228
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
6,717
|
|
|
—
|
|
|
6,717
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
342
|
|
|
342
|
|
|||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net
|
7
|
|
|
(366
|
)
|
|
—
|
|
|
—
|
|
|
(359
|
)
|
|||||
Compensation related to Class A options granted and restricted stock awards
|
—
|
|
|
2,122
|
|
|
—
|
|
|
—
|
|
|
2,122
|
|
|||||
Conversion of Class A warrants to common stock
|
17
|
|
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Balance at June 30, 2018
|
$
|
807
|
|
|
$
|
586,414
|
|
|
$
|
(260,269
|
)
|
|
$
|
(6,120
|
)
|
|
$
|
320,832
|
|
(1)
|
Par value
$0.01
per share;
166,666,666
Class A shares authorized;
80,713,679
Class A shares outstanding as of
June 30, 2018
.
|
(2)
|
Includes
41,165,789
outstanding Class A warrants as of
June 30, 2018
.
|
(3)
|
Amounts are net of tax.
|
|
Six Months Ended June 30, 2017
|
||||||||||
($ in thousands)
|
As Previously Reported
|
|
Impact of Adoption
|
|
As Adjusted
|
||||||
Vessel expenses
|
$
|
68,173
|
|
|
$
|
70
|
|
|
$
|
68,243
|
|
General and administrative
|
14,604
|
|
|
(320
|
)
|
|
14,284
|
|
|||
Total Operating Expenses
|
170,862
|
|
|
(250
|
)
|
|
170,612
|
|
|||
Operating income
|
33,479
|
|
|
250
|
|
|
33,729
|
|
|||
Other expense
|
630
|
|
|
250
|
|
|
880
|
|
($ in thousands)
|
Balance at December 31, 2017
|
|
Adjustments Due to ASC 606
|
|
Balance at January 1, 2018
|
||||||
Assets
|
|
|
|
|
|
||||||
Voyage receivables
|
$
|
24,209
|
|
|
$
|
1,336
|
|
|
$
|
25,545
|
|
Liabilities
|
|
|
|
|
|
||||||
Deferred income taxes
|
83,671
|
|
|
(108
|
)
|
|
83,563
|
|
|||
Equity
|
|
|
|
|
|
||||||
Accumulated deficit
|
(265,758
|
)
|
|
(1,228
|
)
|
|
(266,986
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
3,055
|
|
|
$
|
3,211
|
|
|
$
|
6,717
|
|
|
$
|
8,641
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||
Class A common stock - basic
|
88,367,302
|
|
|
87,769,483
|
|
|
88,237,093
|
|
|
88,309,231
|
|
||||
Class A common stock - diluted
|
89,198,996
|
|
|
87,964,755
|
|
|
88,910,518
|
|
|
88,542,779
|
|
|
Carrying
Value
|
|
Fair Value
|
||||||||
|
|
Level 1
|
|
Level 2
|
|||||||
June 30, 2018:
|
|
|
|
|
|
|
|
|
|||
Assets
|
|
|
|
|
|
|
|
|
|||
Cash
(1)
|
$
|
131,224
|
|
|
$
|
131,224
|
|
|
$
|
—
|
|
Total
|
$
|
131,224
|
|
|
$
|
131,224
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|||
OBS Term loan
|
375,974
|
|
|
—
|
|
|
377,747
|
|
|||
7.5% Election 2 notes due 2021
|
296
|
|
|
—
|
|
|
298
|
|
|||
7.5% notes due 2024
|
390
|
|
|
—
|
|
|
387
|
|
|||
Total
|
$
|
376,660
|
|
|
$
|
—
|
|
|
$
|
378,432
|
|
|
Carrying
Value
|
|
Fair Value
|
||||||||
|
|
Level 1
|
|
Level 2
|
|||||||
December 31, 2017:
|
|
|
|
|
|
|
|
|
|||
Assets
|
|
|
|
|
|
|
|
|
|||
Cash
(1)
|
$
|
166,269
|
|
|
$
|
166,269
|
|
|
$
|
—
|
|
Total
|
$
|
166,269
|
|
|
$
|
166,269
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|||
OBS Term loan
|
448,251
|
|
|
—
|
|
|
441,630
|
|
|||
7.5% Election 2 notes due 2021
|
295
|
|
|
—
|
|
|
305
|
|
|||
7.5% notes due 2024
|
390
|
|
|
—
|
|
|
380
|
|
|||
Total
|
$
|
448,936
|
|
|
$
|
—
|
|
|
$
|
442,315
|
|
(1)
|
Includes current and non-current restricted cash aggregating
$250
and
$275
at
June 30, 2018
and
December 31, 2017
, respectively. Restricted cash as of
June 30, 2018
and
December 31, 2017
is related to the Company's Unsecured Senior Notes.
|
As of
|
June 30,
2018 |
|
December 31,
2017 |
||||
Unrealized losses on derivative instruments
|
$
|
—
|
|
|
$
|
(112
|
)
|
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)
|
(6,120
|
)
|
|
(6,350
|
)
|
||
Accumulated other comprehensive loss
|
$
|
(6,120
|
)
|
|
$
|
(6,462
|
)
|
|
Unrealized losses
on cash flow
hedges
|
|
Items not yet
recognized as a
component of net
periodic benefit
cost (pension and
other
postretirement
plans)
|
|
Total
|
||||||
|
|
|
|
|
|
||||||
Balance as of March 31, 2018
|
$
|
—
|
|
|
$
|
(6,247
|
)
|
|
$
|
(6,247
|
)
|
Current period change, excluding amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
42
|
|
|
42
|
|
|||
Amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
85
|
|
|
85
|
|
|||
Total change in accumulated other comprehensive income
|
—
|
|
|
127
|
|
|
127
|
|
|||
Balance as of June 30, 2018
|
$
|
—
|
|
|
$
|
(6,120
|
)
|
|
$
|
(6,120
|
)
|
|
|
|
|
|
|
||||||
Balance as of March 31, 2017
|
$
|
(871
|
)
|
|
$
|
(7,141
|
)
|
|
$
|
(8,012
|
)
|
Current period change, excluding amounts reclassified from
accumulated other comprehensive income
|
(115
|
)
|
|
335
|
|
|
220
|
|
|||
Amounts reclassified from accumulated other comprehensive income
|
317
|
|
|
—
|
|
|
317
|
|
|||
Total change in accumulated other comprehensive income
|
202
|
|
|
335
|
|
|
537
|
|
|||
Balance as of June 30, 2017
|
$
|
(669
|
)
|
|
$
|
(6,806
|
)
|
|
$
|
(7,475
|
)
|
|
Unrealized losses
on cash flow
hedges
|
|
Items not yet
recognized as a
component of net
periodic benefit
cost (pension and
other
postretirement
plans)
|
|
Total
|
||||||
|
|
|
|
|
|
||||||
Balance as of December 31, 2017
|
$
|
(112
|
)
|
|
$
|
(6,350
|
)
|
|
$
|
(6,462
|
)
|
Current period change, excluding amounts reclassified from accumulated other comprehensive income
|
(69
|
)
|
|
61
|
|
|
(8
|
)
|
|||
Amounts reclassified from accumulated other comprehensive income
|
181
|
|
|
169
|
|
|
350
|
|
|||
Total change in accumulated other comprehensive income
|
112
|
|
|
230
|
|
|
342
|
|
|||
Balance as of June 30, 2018
|
$
|
—
|
|
|
$
|
(6,120
|
)
|
|
$
|
(6,120
|
)
|
|
|
|
|
|
|
||||||
Balance as of December 31, 2016
|
$
|
(1,019
|
)
|
|
$
|
(7,141
|
)
|
|
$
|
(8,160
|
)
|
Current period change, excluding amounts reclassified from
accumulated other comprehensive income
|
(200
|
)
|
|
335
|
|
|
135
|
|
|||
Amounts reclassified from accumulated other comprehensive income
|
550
|
|
|
—
|
|
|
550
|
|
|||
Total change in accumulated other comprehensive income
|
350
|
|
|
335
|
|
|
685
|
|
|||
Balance as of June 30, 2017
|
(669
|
)
|
|
(6,806
|
)
|
|
(7,475
|
)
|
At June 30, 2018
|
|
Amount
|
|
Operating Days
|
|||
2018
|
|
$
|
46,081
|
|
|
1,840
|
|
2019
|
|
111,819
|
|
|
3,470
|
|
|
2020
|
|
9,168
|
|
|
366
|
|
|
2021
|
|
9,143
|
|
|
365
|
|
|
2022
|
|
9,143
|
|
|
365
|
|
|
Thereafter
|
|
22,846
|
|
|
912
|
|
|
Net minimum lease payments
|
|
$
|
208,200
|
|
|
7,318
|
|
At June 30, 2018
|
|
Amount
|
|
Revenue
Days |
|||
2018
|
|
$
|
107,259
|
|
|
1,963
|
|
2019
|
|
132,426
|
|
|
2,090
|
|
|
2020
|
|
43,570
|
|
|
532
|
|
|
2021
|
|
26,624
|
|
|
324
|
|
|
2022
|
|
30,675
|
|
|
365
|
|
|
Thereafter
|
|
77,464
|
|
|
886
|
|
|
Net minimum lease receipts
|
|
$
|
418,018
|
|
|
6,160
|
|
•
|
the highly cyclical nature of OSG’s industry;
|
•
|
the market value of vessels fluctuates significantly;
|
•
|
an increase in the supply of Jones Act vessels without a commensurate increase in demand;
|
•
|
changing economic, political and governmental conditions in the United States or abroad and general conditions in the oil and natural gas industry;
|
•
|
changes in fuel prices;
|
•
|
the adequacy of OSG’s insurance to cover its losses, including in connection with maritime accidents or spill events;
|
•
|
constraints on capital availability;
|
•
|
public health threats;
|
•
|
acts of piracy, terrorist attacks and international hostilities and instability;
|
•
|
the Company’s compliance with 46 U.S.C. sections 50501 and 55101 (commonly known as the “Jones Act”) and the heightened exposure to the Jones Act market fluctuations and reduced diversification following the spin-off from OSG on November 30, 2016 of International Seaways, Inc. (INSW), which owned or leased OSG’s fleet of International Flag vessels;
|
•
|
the effect of the Company’s indebtedness on its ability to finance operations, pursue desirable business operations and successfully run its business in the future;
|
•
|
the Company’s ability to generate sufficient cash to service its existing indebtedness and to comply with existing debt covenants, as well as the Company’s ability to refinance or repay existing indebtedness at or prior to maturity;
|
•
|
changes in demand in specialized markets in which the Company currently trades;
|
•
|
competition within the Company’s industry and OSG’s ability to compete effectively for charters;
|
•
|
the Company’s ability to renew its time charters when they expire or to enter into new time charters, to replace its operating leases on favorable terms;
|
•
|
the Company’s ability to realize benefits from its acquisitions or other strategic transactions;
|
•
|
the loss of, or reduction in business by, the Company's largest customers;
|
•
|
refusal of certain customers to use vessels of a certain age;
|
•
|
the Company's significant operating leases could be replaced on less favorable terms or may not be replaced;
|
•
|
changes in credit risk with respect to the Company’s counterparties on contracts or the failure of contract counterparties to meet their obligations;
|
•
|
increasing operating costs, unexpected drydock costs or increasing capital expenses as the Company’s vessels age, including increases due to limited shipbuilder warranties of the consolidation of suppliers;
|
•
|
unexpected drydock costs for the Company's vessels;
|
•
|
the potential for technological innovation to reduce the value of the Company’s vessels and charter income derived therefrom;
|
•
|
the impact of an interruption in or failure of the Company’s information technology and communication systems upon the Company’s ability to operate or a cybersecurity breach;
|
•
|
work stoppages or other labor disruptions by the unionized employees of OSG or other companies in related industries or the impact of any potential liabilities resulting from withdrawal from participation in multiemployer plans;
|
•
|
the Company’s ability to attract, retain and motivate key employees;
|
•
|
ineffective internal controls;
|
•
|
the impact of a delay or disruption in implementing new technological and management systems;
|
•
|
the impact of potential changes in U.S. tax laws;
|
•
|
limitations on U.S. coastwise trade, or the waiver, modification or repeal of the Jones Act limitations, or changes in international trade agreements;
|
•
|
government requisition of the Company’s vessels during a period of war or emergency;
|
•
|
the Company’s compliance with complex laws, regulations and in particular, environmental laws and regulations, including those relating to the emission of greenhouse gases and ballast water treatment;
|
•
|
the inability to clear oil majors’ risk assessment process;
|
•
|
the impact of litigation, government inquiries and investigations;
|
•
|
the arrest of OSG’s vessels by maritime claimants;
|
•
|
the Company's U.S. federal income tax position in respect of certain credit agreement borrowings used by INSW is not free from doubt;
|
•
|
the Company’s ability to use its net operating loss carryforwards;
|
•
|
the market price of the Company's securities fluctuates significantly;
|
•
|
the Company's ability to sell warrants may be limited and the exercise of outstanding warrants may result in substantial dilution;
|
•
|
the Company's common stock is subject to restrictions on foreign ownership;
|
•
|
OSG is a holding company and depends on the ability of its subsidiaries to distribute funds to it in order to satisfy its financial obligations or pay dividends;
|
•
|
some provisions of Delaware law and the Company’s governing documents could influence its ability to effect a change of control; and
|
•
|
securities analysts may not initiate coverage or continue to cover the Company’s securities.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Time charter equivalent revenues
|
$
|
85,965
|
|
|
$
|
91,076
|
|
|
$
|
174,742
|
|
|
$
|
193,400
|
|
Add: Voyage expenses
|
9,402
|
|
|
5,149
|
|
|
21,654
|
|
|
10,941
|
|
||||
Shipping revenues
|
$
|
95,367
|
|
|
$
|
96,225
|
|
|
$
|
196,396
|
|
|
$
|
204,341
|
|
|
|
2018
|
|
2017
|
||||||||||||
Three Months Ended June 30,
|
|
Spot Earnings
|
|
Fixed Earnings
|
|
Spot Earnings
|
|
Fixed Earnings
|
||||||||
Jones Act Handysize Product Carriers:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate
|
|
$
|
32,180
|
|
|
$
|
60,953
|
|
|
$
|
18,288
|
|
|
$
|
63,796
|
|
Revenue days
|
|
282
|
|
|
795
|
|
|
173
|
|
|
900
|
|
||||
Non-Jones Act Handysize Product Carriers:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate
|
|
$
|
32,493
|
|
|
$
|
—
|
|
|
$
|
28,169
|
|
|
$
|
12,836
|
|
Revenue days
|
|
163
|
|
|
—
|
|
|
91
|
|
|
91
|
|
||||
ATBs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate
|
|
$
|
20,679
|
|
|
$
|
23,629
|
|
|
$
|
7,234
|
|
|
$
|
26,047
|
|
Revenue days
|
|
268
|
|
|
255
|
|
|
202
|
|
|
488
|
|
||||
Lightering:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate
|
|
$
|
63,999
|
|
|
$
|
—
|
|
|
$
|
69,183
|
|
|
$
|
—
|
|
Revenue days
|
|
182
|
|
|
—
|
|
|
182
|
|
|
—
|
|
|
|
2018
|
|
2017
|
||||||||||||
Six Months Ended June 30,
|
|
Spot Earnings
|
|
Fixed Earnings
|
|
Spot Earnings
|
|
Fixed Earnings
|
||||||||
Jones Act Handysize Product Carriers:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate
|
|
$
|
37,109
|
|
|
$
|
62,852
|
|
|
$
|
26,361
|
|
|
$
|
63,421
|
|
Revenue days
|
|
619
|
|
|
1,515
|
|
|
245
|
|
|
1,889
|
|
||||
Non-Jones Act Handysize Product Carriers:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate
|
|
$
|
34,939
|
|
|
$
|
—
|
|
|
$
|
30,353
|
|
|
$
|
13,997
|
|
Revenue days
|
|
342
|
|
|
—
|
|
|
203
|
|
|
159
|
|
||||
ATBs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate
|
|
$
|
16,508
|
|
|
$
|
23,300
|
|
|
$
|
11,856
|
|
|
27,802
|
|
|
Revenue days
|
|
530
|
|
|
516
|
|
|
382
|
|
|
1,012
|
|
||||
Lightering:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate
|
|
$
|
67,372
|
|
|
$
|
—
|
|
|
$
|
72,137
|
|
|
$
|
—
|
|
Revenue days
|
|
355
|
|
|
—
|
|
|
362
|
|
|
—
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32
|
|
|
|
EX-101.INS
|
XBRL Instance Document
|
|
|
EX-101.SCH
|
XBRL Taxonomy Extension Schema
|
|
|
EX-101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
EX-101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
EX-101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
|
|
EX-101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
OVERSEAS SHIPHOLDING GROUP, INC.
|
|
(Registrant)
|
|
|
Date: August 9, 2018
|
/s/ Samuel H. Norton
|
|
Samuel H. Norton
|
|
Chief Executive Officer
|
|
|
Date: August 9, 2018
|
/s/ Richard Trueblood
|
|
Richard Trueblood
|
|
Chief Financial Officer
|
|
(Mr. Trueblood is the Principal Financial Officer and has been duly authorized to sign on behalf of the Registrant)
|
1 Year Overseas Shipholding Chart |
1 Month Overseas Shipholding Chart |
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