Press Release

Overseas Shipholding Group Reports Second Quarter 2020 Results

Company Release - 8/7/2020 7:30 AM ET

TAMPA, Fla.--(BUSINESS WIRE)-- Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the second quarter of 2020.

Highlights

  • Net income for the second quarter 2020 was $6.4 million, or $0.07 per diluted share, compared with a net loss of $1.7 million, or $(0.02) per diluted share, for the second quarter 2019.
  • Shipping revenues for the second quarter 2020 were $114.5 million, up 29.5% compared with the second quarter 2019.
  • Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the second quarter 2020 were $100.4 million, up 22.3% compared with the second quarter 2019.
  • Second quarter 2020 Adjusted EBITDA(B), a non-GAAP measure, was $29.8 million, up 63.1% from $18.2 million in the second quarter 2019.
  • Total cash(C) was $94.3 million as of June 30, 2020.
  • At the end of May 2020, the Company took delivery of a 204,000 barrel capacity oil and chemical tank barge. The barge, named the OSG 204, has been paired with an existing tug within the Company's fleet, the OSG Endurance. The ATB unit will be operating in the Jones Act trade and has entered into a one-year time charter.
  • On July 30, 2020, the Company used $20.0 million of restricted cash, along with a cash payment of $4.2 million, which included interest and other fees, to pay in full the Company's term loan on the Overseas Gulf Coast, due 2024. At June 30, 2020, the principal amount of the term loan of $24.0 million is included in current installments of long-term debt on the condensed consolidated balance sheets.

Sam Norton, President and CEO, stated, “Under the continuing disruptive influence of the COVID-19 pandemic, it is important to remember that our business is not one that can be done remotely in all respects. The contribution made by all of our employees, and in particular our seafarers, in realizing the strong financial results reported this morning should be applauded by all who benefit from their service. As was the case during the first quarter of this year, the deep book of time charters that we entered into at the end of last year has provided considerable insulation from exposure to the drop in transportation demand affecting both crude oil and refined product. The results produced in this context both met our expectations and provided renewed confidence in the value of OSG’s operating platform.”

Mr. Norton added, “Looking ahead, we anticipate that the combined effects of observable COVID-19 related demand suppression, the usual seasonally slow summer period, and the impact of a high concentration of drydock activities will result in lower time charter earnings for the third quarter. As we move through the balance of the year, the slope of demand recovery in transportation fuel consumption in the US will likely shape our overall future performance. Available data indicate that this recovery is, with the exception of jet fuel demand, well underway. Absent a reversal of this encouraging trend, there is cause for optimism that in terms of both rate and utilization, a restoration of a balanced and healthy market condition is foreseeable in our key markets.”

 

 

 

 

 

A, B, CReconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release below.

Second Quarter 2020 Results

Shipping revenues were $114.5 million for the quarter, up 29.5% compared with the second quarter of 2019. TCE revenues for the second quarter of 2020 were $100.4 million, an increase of $18.3 million, or 22.3%, compared with the second quarter of 2019. The increase primarily resulted from the addition to our fleet of two Marshall Islands flagged MR tankers, Overseas Gulf Coast and Overseas Sun Coast, three crude oil tankers, Alaskan Explorer, Alaskan Legendand Alaskan Navigator, and one ATB, OSG 204 and OSG Endurance, which was delivered at the end of May 2020, and two Government of Israel voyages during the second quarter of 2020 compared to one during the second quarter of 2019. The increase was offset by two fewer ATBs in our fleet and a decrease in Delaware Bay lightering volumes during the second quarter of 2020 compared to the second quarter of 2019.

Operating income for the second quarter of 2020 was $13.6 million compared to operating income of $3.8 million in the second quarter of 2019.

Net income for the second quarter 2020 was $6.4 million, or $0.07 per diluted share, compared with a net loss of $1.7 million, or $(0.02) per diluted share, for the second quarter 2019.

Adjusted EBITDA was $29.8 million for the quarter, an increase of $11.6 million compared with the second quarter of 2019.

Conference Call

The Company will host a conference call to discuss its second quarter 2020 results at 9:30 a.m. Eastern Time (“ET”) on Friday, August 7, 2020.

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 starting at 11:30 a.m. ET on Friday, August 7, 2020 through 10:59 p.m. ET on Friday, August 14, 2020 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10145914.

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 two Marshall Islands flagged MR tankers which trade internationally. In addition to the currently operating fleet, OSG has on order one Jones Act compliant barge which is scheduled for delivery in 2020.

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 expected delivery schedule of our two new barges under construction and their expected participation in the Jones Act trade, the continued stability of our niche businesses, and the impact of our time charter contracts on our future financial performance. 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 have in the future, a profound impact on our workforce, and many aspects of our business and industry. Investors should carefully consider the risk factors outlined in more detail in our Annual Report on Form 10-K for the year ended December 31, 2019, in our upcoming Form 10-Q filing, and in similar sections of other filings we make with the SEC from time to time. 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.

Consolidated Balance Sheets
($ in thousands)

 

June 30,
2020

 

December 31,
2019

 

(unaudited)

 

 

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

$

74,192

 

 

$

41,503

 

Restricted cash

20,062

 

 

60

 

Voyage receivables, including unbilled of $3,291 and $5,611, net of reserve for doubtful accounts

6,100

 

 

9,247

 

Income tax receivable

454

 

 

1,192

 

Other receivables

2,967

 

 

3,037

 

Inventories, prepaid expenses and other current assets

3,037

 

 

2,470

 

Total Current Assets

106,812

 

 

57,509

 

Vessels and other property, less accumulated depreciation

833,716

 

 

737,212

 

Deferred drydock expenditures, net

27,557

 

 

23,734

 

Total Vessels, Other Property and Deferred Drydock

861,273

 

 

760,946

 

Restricted cash - non current

88

 

 

114

 

Investments in and advances to affiliated companies

 

 

3,599

 

Intangible assets, less accumulated amortization

29,517

 

 

31,817

 

Operating lease right-of-use assets

252,379

 

 

286,469

 

Other assets

18,547

 

 

35,013

 

Total Assets

$

1,268,616

 

 

$

1,175,467

 

LIABILITIES AND EQUITY

 

 

 

Current Liabilities:

 

 

 

Accounts payable, accrued expenses and other current liabilities

$

37,567

 

 

$

35,876

 

Current portion of operating lease liabilities

90,384

 

 

90,145

 

Current portion of finance lease liabilities

4,001

 

 

4,011

 

Current installments of long-term debt

60,755

 

 

31,512

 

Total Current Liabilities

192,707

 

 

161,544

 

Reserve for uncertain tax positions

891

 

 

864

 

Noncurrent operating lease liabilities

184,662

 

 

219,501

 

Noncurrent finance lease liabilities

22,473

 

 

23,548

 

Long-term debt

376,529

 

 

336,535

 

Deferred income taxes, net

80,237

 

 

72,833

 

Other liabilities

37,094

 

 

19,097

 

Total Liabilities

894,593

 

 

833,922

 

Equity:

 

 

 

Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 86,336,977 and 85,713,610 shares issued and outstanding)

863

 

 

857

 

Paid-in additional capital

591,286

 

 

590,436

 

Accumulated deficit

(211,834

)

 

(243,339

)

 

380,315

 

 

347,954

 

Accumulated other comprehensive loss

(6,292

)

 

(6,409

)

Total Equity

374,023

 

 

341,545

 

Total Liabilities and Equity

$

1,268,616

 

 

$

1,175,467

 

Consolidated Statements of Operations
($ in thousands, except per share amounts)

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2020

 

2019

 

2020

 

2019

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Shipping Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time and bareboat charter revenues

$

96,662

 

 

$

62,007

 

 

$

174,812

 

 

$

125,127

 

Voyage charter revenues

17,877

 

 

26,452

 

 

40,586

 

 

51,070

 

 

114,539

 

 

88,459

 

 

215,398

 

 

176,197

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

Voyage expenses

14,112

 

 

6,353

 

 

17,897

 

 

11,337

 

Vessel expenses

41,644

 

 

32,520

 

 

77,413

 

 

64,967

 

Charter hire expenses

22,505

 

 

22,581

 

 

44,965

 

 

44,879

 

Depreciation and amortization

14,217

 

 

13,084

 

 

28,236

 

 

25,561

 

General and administrative

7,599

 

 

5,957

 

 

13,772

 

 

11,633

 

Bad debt expense

 

 

4,300

 

 

 

 

4,300

 

Loss/(gain) on disposal of vessels and other property, including impairments, net

813

 

 

(66

)

 

1,110

 

 

51

 

Total operating expenses

100,890

 

 

84,729

 

 

183,393

 

 

162,728

 

Income from vessel operations

13,649

 

 

3,730

 

 

32,005

 

 

13,469

 

Equity in income of affiliated companies

 

 

68

 

 

 

 

68

 

Gain on termination of pre-existing arrangement

 

 

 

 

19,172

 

 

 

Operating income

13,649

 

 

3,798

 

 

51,177

 

 

13,537

 

Other (expense)/income, net

(58

)

 

262

 

 

(27

)

 

617

 

Income before interest expense and income taxes

13,591

 

 

4,060

 

 

51,150

 

 

14,154

 

Interest expense

(6,167

)

 

(6,571

)

 

(12,241

)

 

(13,077

)

Income/(loss) before income taxes

7,424

 

 

(2,511

)

 

38,909

 

 

1,077

 

Income tax (expense)/benefit

(1,044

)

 

773

 

 

(7,404

)

 

381

 

Net income/(loss)

$

6,380

 

 

$

(1,738

)

 

$

31,505

 

 

$

1,458

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares Outstanding:

 

 

 

 

 

 

 

Basic - Class A

89,747,630

 

 

89,245,696

 

 

89,584,969

 

 

89,125,986

 

Diluted - Class A

90,812,332

 

 

89,245,696

 

 

90,600,658

 

 

89,507,860

 

Per Share Amounts:

 

 

 

 

 

 

 

Basic and diluted net income - Class A

$

0.07

 

 

$

(0.02

)

 

$

0.35

 

 

$

0.02

 

Consolidated Statements of Cash Flows
($ in thousands)

 

Six Months Ended
June 30,

 

2020

 

2019

 

(unaudited)

 

(unaudited)

Cash Flows from Operating Activities:

 

 

 

Net income

$

31,505

 

 

$

1,458

 

Items included in net income not affecting cash flows:

 

 

 

Depreciation and amortization

28,236

 

 

25,561

 

Bad debt expense

 

 

4,300

 

Gain on termination of pre-existing arrangement

(19,172

)

 

 

Loss on disposal of vessels and other property, including impairments, net

1,110

 

 

51

 

Amortization of debt discount and other deferred financing costs

1,124

 

 

1,023

 

Compensation relating to restricted stock awards and stock option grants

1,055

 

 

763

 

Deferred income tax expense/(benefit)

7,431

 

 

(1,047

)

Interest on finance lease liabilities

1,001

 

 

410

 

Non-cash operating lease expense

45,680

 

 

44,805

 

Loss on extinguishment of debt, net

14

 

 

48

 

Distributed earnings of affiliated companies

3,562

 

 

3,470

 

Payments for drydocking

(10,078

)

 

(9,383

)

Operating lease liabilities

(45,998

)

 

(45,316

)

Changes in operating assets and liabilities, net

(3,204

)

 

(6,337

)

Net cash provided by operating activities

42,266

 

 

19,806

 

Cash Flows from Investing Activities:

 

 

 

Acquisition, net of cash acquired

(16,973

)

 

 

Proceeds from disposals of vessels and other property

700

 

 

2,197

 

Expenditures for vessels and vessel improvements

(38,657

)

 

(34,722

)

Expenditures for other property

(498

)

 

(638

)

Net cash used in investing activities

(55,428

)

 

(33,163

)

Cash Flows from Financing Activities:

 

 

 

Payments on debt

(26,669

)

 

(10,417

)

Extinguishment of debt

(673

)

 

(2,139

)

Tax withholding on share-based awards

(197

)

 

(294

)

Issuance of debt, net of issuance and deferred financing costs

95,441

 

 

 

Payments on principal portion of finance lease liabilities

(2,075

)

 

(798

)

Net cash provided by/(used in) financing activities

65,827

 

 

(13,648

)

Net increase/(decrease) in cash, cash equivalents and restricted cash

52,665

 

 

(27,005

)

Cash, cash equivalents and restricted cash at beginning of period

41,677

 

 

80,641

 

Cash, cash equivalents and restricted cash at end of period

$

94,342

 

 

$

53,636

 

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 six months ended June 30, 2020 and the comparable period of 2019. Revenue days in the quarter ended June 30, 2020 totaled 2,031 compared with 1,808 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release.

 

2020

 

2019

Three Months Ended June 30,

Spot
Earnings

 

Fixed
Earnings

 

Spot
Earnings

 

Fixed
Earnings

Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

Average rate

$

31,120

 

 

$

61,360

 

 

$

37,356

 

 

$

57,212

 

Revenue days

89

 

 

1,088

 

 

157

 

 

959

 

Non-Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

Average rate

$

27,051

 

 

$

16,752

 

 

$

17,347

 

 

$

11,962

 

Revenue days

156

 

 

181

 

 

99

 

 

83

 

ATBs:

 

 

 

 

 

 

 

Average rate

$

16,333

 

 

$

 

 

$

19,000

 

 

$

21,610

 

Revenue days

124

 

 

 

 

89

 

 

252

 

Lightering:

 

 

 

 

 

 

 

Average rate

$

44,346

 

 

$

 

 

$

68,220

 

 

$

 

Revenue days

121

 

 

 

 

169

 

 

 

Alaska (a):

 

 

 

 

 

 

 

Average rate

$

 

 

$

58,538

 

 

$

 

 

$

 

Revenue days

 

 

272

 

 

 

 

 

 

2020

 

2019

Six Months Ended June 30,

Spot
Earnings

 

Fixed
Earnings

 

Spot
Earnings

 

Fixed
Earnings

Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

Average rate

$

46,830

 

 

$

60,819

 

 

$

33,920

 

 

$

57,035

 

Revenue days

181

 

 

2,140

 

 

247

 

 

1,941

 

Non-Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

Average rate

$

27,387

 

 

16,770

 

 

$

21,905

 

 

$

12,023

 

Revenue days

310

 

 

363

 

 

211

 

 

151

 

ATBs:

 

 

 

 

 

 

 

Average rate

$

21,213

 

 

$

24,686

 

 

$

19,979

 

 

$

21,583

 

Revenue days

217

 

 

89

 

 

175

 

 

518

 

Lightering:

 

 

 

 

 

 

 

Average rate

$

51,388

 

 

$

61,012

 

 

$

70,634

 

 

$

 

Revenue days

243

 

 

87

 

 

349

 

 

 

Alaska (a):

 

 

 

 

 

 

 

Average rate

$

 

 

$

58,621

 

 

$

 

 

$

 

Revenue days

 

 

330

 

 

 

 

 

(a) Excludes one Alaska vessel currently in layup.

Fleet Information

As of June 30, 2020, OSG’s operating fleet consisted of 25 vessels, 13 of which were owned, with the remaining vessels chartered-in. Vessels chartered-in are on Bareboat Charters.

 

Vessels
Owned

 

Vessels
Chartered-In

 

Total at June 30, 2020

Vessel Type

Number

 

Number

 

Total Vessels

 

Total dwt (3)

Handysize Product Carriers (1)

6

 

11

 

17

 

810,825

Crude Oil Tankers (2)

3

 

1

 

4

 

772,194

Refined Product ATBs

2

 

 

2

 

56,133

Lightering ATBs

2

 

 

2

 

91,112

Total Operating Fleet

13

 

12

 

25

 

1,730,264

(1)

Includes two owned shuttle tankers, 11 chartered-in tankers, 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 two owned Marshall Island flagged non-Jones Act MR tankers 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
June 30,

 

Six Months Ended
June 30,

 

2020

 

2019

 

2020

 

2019

Time charter equivalent revenues

$

100,427

 

 

$

82,106

 

 

$

197,501

 

 

$

164,860

 

Add: Voyage expenses

14,112

 

 

6,353

 

 

17,897

 

 

11,337

 

Shipping revenues

$

114,539

 

 

$

88,459

 

 

$

215,398

 

 

$

176,197

 

Vessel Operating Contribution

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

Our “niche market activities”, which include Delaware Bay lightering, MSP vessels and shuttle tankers, continue to provide a stable operating platform underlying our total US Flag operations. These vessels’ operations are insulated from the forces affecting the broader Jones Act market.

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

($ in thousands)

2020

 

2019

 

2020

 

2019

Niche Market Activities

$

17,716

 

 

$

20,736

 

 

$

39,420

 

 

$

43,339

 

Jones Act Handysize Tankers

9,927

 

 

2,692

 

 

22,309

 

 

5,126

 

ATBs

174

 

 

3,577

 

 

2,978

 

 

6,549

 

Alaska Crude Oil Tankers

8,461

 

 

 

 

10,416

 

 

 

Vessel Operating Contribution

36,278

 

 

27,005

 

 

75,123

 

 

55,014

 

Depreciation and amortization

14,217

 

 

13,084

 

 

28,236

 

 

25,561

 

General and administrative

7,599

 

 

5,957

 

 

13,772

 

 

11,633

 

Bad debt expense

 

 

4,300

 

 

 

 

4,300

 

Loss/(gain) on disposal of vessels and other property, including impairments, net

813

 

 

(66

)

 

1,110

 

 

51

 

Income from vessel operations

$

13,649

 

 

$

3,730

 

 

$

32,005

 

 

$

13,469

 

(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
June 30,

 

Six Months Ended
June 30,

($ in thousands)

2020

 

2019

 

2020

 

2019

Net income/(loss)

$

6,380

 

 

$

(1,738

)

 

$

31,505

 

 

$

1,458

 

Income tax expense/(benefit)

1,044

 

 

(773

)

 

7,404

 

 

(381

)

Interest expense

6,167

 

 

6,571

 

 

12,241

 

 

13,077

 

Depreciation and amortization

14,217

 

 

13,084

 

 

28,236

 

 

25,561

 

EBITDA

27,808

 

 

17,144

 

 

79,386

 

 

39,715

 

Amortization classified in charter hire expenses

143

 

 

267

 

 

285

 

 

497

 

Interest expense classified in charter hire expenses

371

 

 

401

 

 

750

 

 

804

 

Non-cash stock based compensation expense

616

 

 

453

 

 

1,055

 

 

763

 

Loss/(gain) on disposal of vessels and other property, including impairments, net

813

 

 

(66

)

 

1,110

 

 

51

 

Loss on extinguishment of debt, net

14

 

 

48

 

 

14

 

 

48

 

Adjusted EBITDA

$

29,765

 

 

$

18,247

 

 

$

82,600

 

 

$

41,878

 

(C) Total Cash

($ in thousands)

June 30,
2020

 

December 31,
2019

Cash and cash equivalents

$

74,192

 

 

$

41,503

 

Restricted cash - current

20,062

 

 

60

 

Restricted cash – non-current

88

 

 

114

 

Total Cash

$

94,342

 

 

$

41,677

 

 

Investor Relations & Media Contact:
Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
sallan@osg.com

Source: Overseas Shipholding Group, Inc.