Financial News

Overseas Shipholding Group Reports Third 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 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.

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.

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

 

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

 

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

 

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.

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

 

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

 

 

Contacts

Investor Relations & Media Contact:

Susan Allan, Overseas Shipholding Group, Inc.

(813) 209-0620

sallan@osg.com

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