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Overseas Shipholding Group Reports Second Quarter 2023 Results

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 second quarter of 2023.

  • Net income for the second quarter of 2023 was $12.3 million, or $0.15 per diluted share, compared with net income of $3.7 million, or $0.04 per diluted share, in the second quarter of 2022.
  • Shipping revenues for the second quarter of 2023 were $106.6 million, a decrease of $11.4 million, or 9.6%, from the second quarter of 2022.
  • Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the second quarter of 2023 were $100.1 million, a decrease of $3.1 million, or 3.0%, from the second quarter of 2022.
  • Second quarter 2023 Adjusted EBITDA(B), a non-GAAP measure, was $39.5 million, an increase of $8.0 million, or 25.4%, from the second quarter of 2022.
  • In April 2023, OSG's three non-Jones Act MR tankers were accepted into the U.S. Tanker Security Program (“TSP”).
  • During the quarter, the Military Sealift Command (“MSC”) awarded one of our vessels, the Overseas Mykonos, a time charter contract to provide ongoing fuel transportation services to the MSC in support of our nation’s defense. The Overseas Mykonos will be transferred out of the TSP and delivered to the MSC in August 2023.
  • Total cash and investments(C) were $120.8 million as of June 30, 2023.
  • In June 2023, our Board of Directors authorized an increase of $10.0 million to our current stock repurchase program, raising the total value of the program to $20.0 million. We purchased 2.1 million shares for $8.0 million during the second quarter of 2023.

“Solid and satisfying best characterizes the second quarter results that OSG announced earlier this morning,” Sam Norton, OSG's President and CEO, said. “Contributing to the favorable second quarter results were notably higher average TCE rates for our Jones Act MR tankers, a reflection of the tight market conditions that have been present for most of this year. Stable and historically consistent returns from our specialized assets continued to generate positive cashflow and provide sufficient liquidity to fund our previously announced share buy-back program which, during the quarter, saw over 2 million shares repurchased at an average price of $3.81 per share.”

Mr. Norton continued, “Also of note during the past quarter was MSC’s award of a long-term charter for the Overseas Mykonos. The contract calls for the vessel to be stationed in the Pacific in support of key Department of Defense operations and represents an important step in meeting OSG’s ambition to expand its US flag operations outside of coastwise trades. The Overseas Mykonos is expected to give delivery to the MSC in mid-August and to contribute more than $20 million in time charter equivalent earnings during the initial contract year.”

 

 

 

 

 

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.

Second Quarter 2023 Results

Shipping revenues were $106.6 million for the second quarter of 2023, a decrease of $11.4 million, or 9.6%, compared to the second quarter of 2022. TCE revenues were $100.1 million for the second quarter of 2023, a decrease of $3.1 million, or 3.0%, from the second 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) a 14-day increase in drydock days; (c) one less Government of Israel voyage during the second quarter of 2023 compared to the second quarter of 2022; and (d) no MSC voyages during the second quarter of 2023 compared to one full MSC voyage and one partial MSC voyage that began during the second quarter of 2022 and overlapped into the third quarter, both of which were longer international voyages. The decreases were partially offset by an 82-day decrease in layup days. We had no vessels in layup during the second quarter of 2023. During the second quarter of 2022, we had two vessels in layup until May 2022 when they returned to service. Additionally, the decreases in revenues were partially offset by (a) an increase in average daily rates earned by our fleet, (b) an increase in Delaware Bay lightering volumes, and (c) a 10-day decrease in repair days.

Operating income for the second quarter of 2023 was $20.3 million compared to operating income of $12.6 million for the second quarter of 2022. Net income for the second quarter of 2023 was $12.3 million, or $0.15 per diluted share, compared with a net income of $3.7 million, or $0.04 per diluted share, for the second quarter of 2022. The increases in operating and net income were primarily a result of decreases in voyage, vessel and charter hire expenses of $17.9 million when compared to the second quarter of 2022. The decrease in voyage expenses was primarily due to decreases in fuel and port expenses, as our vessels performed fewer voyage charters during the second quarter of 2023 compared to the second 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 $39.5 million for the 2023 second quarter, an increase of $8.0 million compared with the second 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 second quarter 2023 results at 9:30 a.m. Eastern Time (“ET”) on Monday, August 7, 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.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded company providing liquid bulk and energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator in the Jones Act industry and in the U.S. Tanker Security Program. 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.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, the Company may make or approve certain forward-looking statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical fact should be considered forward-looking statements. These matters or statements may relate to our prospects, supply and demand for vessels in the markets in which we operate and the impact on market rates and vessel earnings, the continued stability of our niche businesses, the impact of our time charter contracts on our future financial performance, and external events including geopolitical conflicts such as the Russia/Ukraine conflict. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. 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.

Consolidated Statements of Operations

($ in thousands, except per share amounts)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

Shipping Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time and bareboat charter revenues

 

$

87,257

 

 

$

82,969

 

 

$

171,397

 

 

$

140,204

 

Voyage charter revenues

 

 

19,368

 

 

 

35,016

 

 

 

49,019

 

 

 

81,779

 

 

 

 

106,625

 

 

 

117,985

 

 

 

220,416

 

 

 

221,983

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Voyage expenses

 

 

6,498

 

 

 

14,742

 

 

 

15,555

 

 

 

24,816

 

Vessel expenses

 

 

40,798

 

 

 

44,153

 

 

 

83,368

 

 

 

84,950

 

Charter hire expenses

 

 

16,018

 

 

 

22,350

 

 

 

31,755

 

 

 

44,346

 

Depreciation and amortization

 

 

16,449

 

 

 

16,663

 

 

 

32,497

 

 

 

33,156

 

General and administrative

 

 

6,595

 

 

 

7,435

 

 

 

14,438

 

 

 

14,373

 

Total operating expenses

 

 

86,358

 

 

 

105,343

 

 

 

177,613

 

 

 

201,641

 

Operating income

 

 

20,267

 

 

 

12,642

 

 

 

42,803

 

 

 

20,342

 

Other income/(expense), net

 

 

1,460

 

 

 

(16

)

 

 

2,540

 

 

 

81

 

Income before interest expense and income taxes

 

 

21,727

 

 

 

12,626

 

 

 

45,343

 

 

 

20,423

 

Interest expense

 

 

(8,085

)

 

 

(8,275

)

 

 

(16,241

)

 

 

(16,640

)

Income before income taxes

 

 

13,642

 

 

 

4,351

 

 

 

29,102

 

 

 

3,783

 

Income tax expense

 

 

(1,339

)

 

 

(611

)

 

 

(4,660

)

 

 

(552

)

Net income

 

$

12,303

 

 

$

3,740

 

 

$

24,442

 

 

$

3,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic - Class A

 

 

81,404,635

 

 

 

91,254,864

 

 

 

81,703,990

 

 

 

90,984,407

 

Diluted - Class A

 

 

83,699,619

 

 

 

92,607,727

 

 

 

84,518,602

 

 

 

92,345,481

 

Per Share Amounts:

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income - Class A

 

$

0.15

 

 

$

0.04

 

 

$

0.30

 

 

$

0.04

 

Diluted net income - Class A

 

$

0.15

 

 

$

0.04

 

 

$

0.29

 

 

$

0.04

 

Consolidated Balance Sheets

($ in thousands)

 

 

 

June 30,

2023

 

 

December 31,

2022

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

105,950

 

 

$

78,732

 

Voyage receivables, including unbilled of $2,858 and $11,364, net of reserve for credit losses

 

 

10,856

 

 

 

19,698

 

Income tax receivable

 

 

694

 

 

 

1,914

 

Other receivables

 

 

3,509

 

 

 

5,334

 

Inventories, prepaid expenses and other current assets

 

 

4,268

 

 

 

2,668

 

Total Current Assets

 

 

125,277

 

 

 

108,346

 

Vessels and other property, less accumulated depreciation

 

 

705,380

 

 

 

726,179

 

Deferred drydock expenditures, net

 

 

38,406

 

 

 

38,976

 

Total Vessels, Other Property and Deferred Drydock

 

 

743,786

 

 

 

765,155

 

Intangible assets, less accumulated amortization

 

 

15,717

 

 

 

18,017

 

Operating lease right-of-use assets, net

 

 

184,211

 

 

 

206,797

 

Investment security to be held to maturity

 

 

14,851

 

 

 

14,803

 

Other assets

 

 

25,274

 

 

 

25,945

 

Total Assets

 

$

1,109,116

 

 

$

1,139,063

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable, accrued expenses and other current liabilities

 

$

49,155

 

 

$

54,906

 

Current portion of operating lease liabilities

 

 

63,639

 

 

 

63,288

 

Current portion of finance lease liabilities

 

 

4,012

 

 

 

4,000

 

Current installments of long-term debt

 

 

24,918

 

 

 

23,733

 

Total Current Liabilities

 

 

141,724

 

 

 

145,927

 

Reserve for uncertain tax positions

 

 

210

 

 

 

175

 

Noncurrent operating lease liabilities

 

 

126,251

 

 

 

149,960

 

Noncurrent finance lease liabilities

 

 

15,100

 

 

 

16,456

 

Long-term debt

 

 

387,302

 

 

 

399,630

 

Deferred income taxes, net

 

 

74,803

 

 

 

70,233

 

Other liabilities

 

 

9,336

 

 

 

16,997

 

Total Liabilities

 

 

754,726

 

 

 

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; 76,903,374 and 78,297,439 shares outstanding)

 

 

895

 

 

 

883

 

Paid-in additional capital

 

 

597,937

 

 

 

597,455

 

Accumulated deficit

 

 

(208,581

)

 

 

(233,023

)

Treasury stock, 12,593,138 and 10,000,000 shares, at cost

 

 

(38,887

)

 

 

(29,040

)

 

 

 

351,364

 

 

 

336,275

 

Accumulated other comprehensive income

 

 

3,026

 

 

 

3,410

 

Total Equity

 

 

354,390

 

 

 

339,685

 

Total Liabilities and Equity

 

$

1,109,116

 

 

$

1,139,063

 

Consolidated Statements of Cash Flows

($ in thousands)

 

 

 

Six Months Ended

June 30,

 

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

(unaudited)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net income

 

$

24,442

 

 

$

3,231

 

Items included in net income not affecting cash flows:

 

 

 

 

 

 

Depreciation and amortization

 

 

32,497

 

 

 

33,156

 

Amortization of debt discount and other deferred financing costs

 

 

567

 

 

 

554

 

Compensation relating to restricted stock awards and stock option grants

 

 

1,662

 

 

 

2,391

 

Deferred income tax expense

 

 

4,606

 

 

 

519

 

Interest on finance lease liabilities

 

 

731

 

 

 

826

 

Non-cash operating lease expense

 

 

31,932

 

 

 

44,874

 

Payments for drydocking

 

 

(5,319

)

 

 

(7,386

)

Operating lease liabilities

 

 

(32,786

)

 

 

(45,935

)

Changes in operating assets and liabilities, net

 

 

(4,922

)

 

 

(15,061

)

Net cash provided by operating activities

 

 

53,410

 

 

 

17,169

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

Expenditures for vessels and vessel improvements

 

 

(1,404

)

 

 

(2,046

)

Net cash used in investing activities

 

 

(1,404

)

 

 

(2,046

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

Payments on debt

 

 

(11,670

)

 

 

(10,930

)

Tax withholding on share-based awards

 

 

(1,168

)

 

 

(371

)

Payments on principal portion of finance lease liabilities

 

 

(2,063

)

 

 

(2,063

)

Deferred financing costs paid for debt amendments

 

 

(40

)

 

 

(261

)

Purchases of treasury stock

 

 

(9,847

)

 

 

(310

)

Net cash used in financing activities

 

 

(24,788

)

 

 

(13,935

)

Net increase in cash and cash equivalents

 

 

27,218

 

 

 

1,188

 

Cash and cash equivalents at beginning of period

 

 

78,732

 

 

 

83,253

 

Cash and cash equivalents at end of period

 

$

105,950

 

 

$

84,441

 

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, 2023 and the comparable periods of 2022. Revenue days in the quarter ended June 30, 2023 totaled 1,740 compared with 1,903 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 June 30,

 

Spot

Earnings

 

 

Fixed

Earnings

 

 

Spot

Earnings

 

 

Fixed

Earnings

 

Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

 

 

$

65,447

 

 

$

40,189

 

 

$

61,324

 

Revenue days

 

 

 

 

 

908

 

 

 

126

 

 

 

935

 

Non-Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

26,562

 

 

$

 

 

$

42,264

 

 

$

32,286

 

Revenue days

 

 

243

 

 

 

 

 

 

182

 

 

 

91

 

ATBs:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

 

 

$

43,758

 

 

$

40,462

 

 

$

35,004

 

Revenue days

 

 

 

 

 

225

 

 

 

47

 

 

 

181

 

Lightering:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

82,164

 

 

$

 

 

$

62,411

 

 

$

 

Revenue days

 

 

91

 

 

 

 

 

 

91

 

 

 

 

Alaska (a):

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

 

 

$

59,977

 

 

$

 

 

$

60,010

 

Revenue days

 

 

 

 

 

273

 

 

 

 

 

 

266

 

 

 

2023

 

 

2022

 

Six months ended June 30,

 

Spot

Earnings

 

 

Fixed

Earnings

 

 

Spot

Earnings

 

 

Fixed

Earnings

 

Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

58,845

 

 

$

64,874

 

 

$

54,218

 

 

$

59,864

 

Revenue days

 

 

40

 

 

 

1,755

 

 

 

537

 

 

 

1,480

 

Non-Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

33,836

 

 

$

39,677

 

 

$

43,164

 

 

$

24,909

 

Revenue days

 

 

488

 

 

 

14

 

 

 

362

 

 

 

181

 

ATBs:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

 

 

$

43,086

 

 

$

40,123

 

 

$

34,913

 

Revenue days

 

 

 

 

 

490

 

 

 

47

 

 

 

359

 

Lightering:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

93,276

 

 

$

 

 

$

68,449

 

 

$

 

Revenue days

 

 

181

 

 

 

 

 

 

181

 

 

 

 

Alaska (a):

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

 

 

$

60,046

 

 

$

 

 

$

59,500

 

Revenue days

 

 

 

 

 

543

 

 

 

 

 

 

535

 

(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.

Fleet Information

As of June 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 June 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, two of which participated in the U.S. Maritime Security Program (“MSP”) during the first quarter of 2023. In April 2023, the three non-Jones Act MR tankers were all accepted into the TSP. The two non-Jones Act U.S. Flag Product Carriers that participated in the MSP were transferred into the TSP and no longer participate in the MSP.

 

(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:

($ in thousands)

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Time charter equivalent revenues

 

$

100,127

 

 

$

103,243

 

 

$

204,861

 

 

$

197,167

 

Add: Voyage expenses

 

 

6,498

 

 

 

14,742

 

 

 

15,555

 

 

 

24,816

 

Shipping revenues

 

$

106,625

 

 

$

117,985

 

 

$

220,416

 

 

$

221,983

 

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

June 30,

 

 

Six Months Ended

June 30,

 

($ in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Specialized businesses

 

$

26,770

 

 

$

28,590

 

 

$

56,331

 

 

$

57,647

 

Jones Act handysize tankers

 

 

10,725

 

 

 

3,608

 

 

 

20,159

 

 

 

2,120

 

Jones Act ATBs

 

 

5,816

 

 

 

4,542

 

 

 

13,248

 

 

 

8,104

 

Vessel operating contribution

 

 

43,311

 

 

 

36,740

 

 

 

89,738

 

 

 

67,871

 

Depreciation and amortization

 

 

16,449

 

 

 

16,663

 

 

 

32,497

 

 

 

33,156

 

General and administrative

 

 

6,595

 

 

 

7,435

 

 

 

14,438

 

 

 

14,373

 

Operating income

 

$

20,267

 

 

$

12,642

 

 

$

42,803

 

 

$

20,342

 

(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)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

12,303

 

 

$

3,740

 

 

$

24,442

 

 

$

3,231

 

Income tax expense

 

 

1,339

 

 

 

611

 

 

 

4,660

 

 

 

552

 

Interest expense, net

 

 

8,085

 

 

 

8,275

 

 

 

16,241

 

 

 

16,640

 

Depreciation and amortization

 

 

16,449

 

 

 

16,663

 

 

 

32,497

 

 

 

33,156

 

EBITDA

 

 

38,176

 

 

 

29,289

 

 

 

77,840

 

 

 

53,579

 

Amortization classified in charter hire and vessel expenses

 

 

273

 

 

 

143

 

 

 

546

 

 

 

285

 

Interest expense classified in charter hire expenses

 

 

156

 

 

 

312

 

 

 

322

 

 

 

627

 

Non-cash stock based compensation expense

 

 

862

 

 

 

1,735

 

 

 

1,662

 

 

 

2,391

 

Adjusted EBITDA

 

$

39,467

 

 

$

31,479

 

 

$

80,370

 

 

$

56,882

 

(C) Total Cash and Investments

($ in thousands)

 

June 30,

2023

 

 

December 31,

2022

 

Cash and cash equivalents

 

$

105,912

 

 

$

78,680

 

Restricted cash

 

 

38

 

 

 

52

 

Investment security to be held to maturity

 

 

14,851

 

 

 

14,803

 

Total cash and investments

 

$

120,801

 

 

$

93,535

 

 

Contacts

Investor Relations & Media Contact:

Susan Allan, Overseas Shipholding Group, Inc.

(813) 209-0620

sallan@osg.com

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